Bleak year for retail as 170,000 jobs are lost |
In 2024, the retail sector has witnessed a loss of nearly 170,000 jobs, the highest since the COVID-19 pandemic's aftermath in 2020. According to the Centre for Retail Research, 169,395 retail jobs were lost this year, marking a 41.9% increase from 2023. Major chains like Homebase and Ted Baker have collapsed, contributing to approximately 33% of these job losses. Professor Joshua Bamfield, director of the Centre for Retail Research, said: "The problems of changed customer shopping habits, inflation, rising energy costs, rents and business rates have continued and forced many retailers to cut back even more strongly in 2024." Looking ahead, experts predict that 2025 could see even more job losses, potentially exceeding the pandemic peak, as rising costs and reduced business rate discounts take their toll on the sector. The British Retail Consortium has estimated that the retail sector will face a £2.3bn bill from April after the implementation of the increase in employer NICs from 13.8% to 15%, as well as the reduction in the earnings threshold at which they must start paying it from £9,100 to £5,000. |
|