Almost 170,000 retail jobs have been lost in 2024 as the UK high street grapples with one of its most challenging years since the Covid-19 pandemic, according to the Centre for Retail Research (CRR). This represents a 41.9% increase from 2023, with a total of 169,395 job cuts reported since January 1st 2024.
A wave of administrations swept through the sector, with 38 major retailers, including Homebase, Ted Baker, The Body Shop, Carpetright, and Lloyds Pharmacy, collapsing. Administration-related closures accounted for a third of all retail job losses—55,914 in total. The remaining cuts were attributed to "rationalisation," as large chains trimmed costs and independent retailers permanently closed their doors.
Small businesses bore the brunt of these closures, with those operating between one and five stores shedding 58,616 jobs throughout the year.
Professor Joshua Bamfield, director of the CRR, noted that 2023’s comparatively lower job losses now appear ...
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