Researchers urge support for retailers closing permanently

Nearly 6,300 retail businesses in Austria closed permanently in 2024, or about 17 a day, but only around three daily closures involved insolvency, ORF reported.

Ernst Gittenberger, a retail researcher at Johannes Kepler University Linz, said a business leaving the market had not necessarily failed. Owners may retire without finding someone to take over, while changing economic conditions can also lead them to close.

Researchers at the university say businesses should get more support not only when starting up or facing financial difficulties, but also when seeking successors or winding down in an orderly way.

A closing business may have created jobs over many years and placed orders with other companies, the researchers said.