Around 170,000 UK shop workers will lose their jobs in 2024 | retail industry

Almost 170,000 retail workers have lost their jobs in another difficult year on England's high streets, data shows.

The collapse of large chains such as Homebase and The Body Shop has put thousands of jobs at risk and contributed to the loss of 169,395 retail jobs in 2024. This is a 42% increase compared to 2023 levels.

The year-end figures, compiled by the Center for Retail Research, were the highest annual figure since the COVID-19 pandemic in 2020 led to the loss of more than 200,000 jobs, forcing retailers to close stores during lockdowns.

The center said 38 large retailers had gone into administration in 2024, with further high-profile brands including Lloyds Pharmacy, Carpetright and Ted Baker also going into administration.

About a third of the total retail job losses in 2024 (55,914) came from administrations, with the remainder being ousted by large retailers or small independent stores through cost-cutting programs that saw them close unprofitable stores.

Retail jobs make up a significant portion of the UK's overall jobs market, with 2.87 million roles available, accounting for around 8.5% of all jobs in the UK, according to the latest figures from the British Retail Consortium.

The trade body calculates that retail vacancies are about 30% lower than they were in the period just before the pandemic. Overall employment appears to have remained relatively stable, with the UK's historical average of 2.77 million retail jobs between 1978 and 2023, despite a population increase of 13 million since the 1970s.

Professor Joshua Bamfield, Director of the Center for Retail Research, said: [job loss] The 2023 figures now look like an anomaly, giving many retailers a breather after lockdown.

Continuing challenges including changing customer shopping habits, inflation, rising energy costs and rising rents and business rates have forced many retailers to make even stronger cost cuts in 2024.

Experts say small high street shops could face particularly difficult circumstances in 2025 due to tax rises and wage changes announced in this autumn's Budget. Businesses are set to increase national insurance premiums and reduce business rates discounts next year.

Skip past newsletter promotions

Join our business today

Get ready for your work day. All the business news and analysis you need every morning.

Privacy Policy: Our newsletter may contain information about charities, online advertising and externally funded content. Please see our privacy policy for more details. We use Google reCaptcha to secure our website, which is subject to the Google Privacy Policy and Terms of Service.

After newsletter promotion

The British Retail Consortium also predicted that higher employer national insurance premiums and lower business payment thresholds would cost the sector $2.3 billion.

Bamfield warned that 2025 would also be a grim year, predicting that up to 202,000 jobs could be lost.

Retail job losses are likely to exceed the peak of the pandemic in 2020, as both the cost of operating stores and the cost to each consumer household increase.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos