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Retail Job Losses Pass 125,000

Closing down signs

The latest data from the Centre for Retail Research (CRR) shows that 125,515 retail jobs have been lost in the year to 1st September.

Nearly 14,000 stores have also closed permanently, according to the data.

The CRR forecasts that these losses will increase significantly by the end of 2020, predicting job losses of 235,704 and store closures of 20,620.

Professor Joshua Bamfield, CRR director, said increasing costs and the move to online shopping meant that “retail was already in crisis before the pandemic”.

He added: “Covid-19 has been a real hammer blow for retailers many of which were not in good health before the contagion took a hand. The prospects for many non-food retailers are bleak.”

In the latest Retail Sales Monitor, the British Retail Consortium (BRC) and KPMG revealed that stores struggled in August, despite an increase in retail sales. 

Helen Dickenson, CEO of the BRC, warned of future job losses, stating: "Many retailers are continuing to struggle, particularly those in clothing, footwear and beauty, that are reliant on high footfall locations. With rents accumulating, and the September quarter payment date fast approaching, many retailers are hanging on by a thread. Unless businesses and government can successfully persuade office workers back into city and town centres, some high street retailers will be unable to afford their fixed costs. Government will need to act fast or September will see more shops close and more job losses realised."

Growth in online retail sales slowed in August, falling against July's performance by -4.1%.  Overall, online sales remained strong with growth up +43.5% Year-on-Year (YoY).  

Source : Insight DIY Team

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14 September 2020

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