According to analysis from the Centre for Retail Research (CRR), there have been 14,874 retail job losses in the UK since January 2023, as the realities of the economic environment continue to bite businesses.
Large retail chains, defined as those with 10 or more stores, account for the majority of the recent job losses.
The prevalence of cost-cutting initiatives and restructuring programmes, amongst large retailers like Asda, Wilko and Tesco, are responsible for 11,689 axed positions.
Furthermore, retailers like M&Co, Paperchase and Tile Giant have recently gone to the wall, leading to an additional 3,185 employees losing their jobs.
Professor Joshua Bamfield, Director at the CRR, commented that: “The process of rationalisation will continue at pace as retailers continue to reduce their cost base”.
Continuing, Bamfield painted a bleak picture for the remainder of the year ahead, remarking that: “We are unlikely to see any respite in job losses in 2023 after a brutal start to the year.”
Following extensive retail closures in 2022, where over 17,000 sites ceased operating – and with total closures up 50% from 2021 figures – business owners across the UK urge the government to offer further support to the sector.
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