Retail job losses reach nearly 15,000 for start of year

Not even two months into 2023, and retailers have already slashed 14,874 jobs across the UK, a new report by Centre for Retail Research (CRR) has found.

It comes as retailers across the country continue to face a slew of challenges against an uncertain macroeconomic climate, as well as offsets of the pandemic and inflation in the region.

It builds on 10 years of retail crises, the CRR said, triggered initially by the 2008 financial crisis and reaffirmed recently by shifting consumer behaviours, online retailing and the pandemic.

This year and the end of 2022 alone, however, had already seen a number of large scale retailers shuttering their storefronts, many in a bid to cut costs and refocus their operations.

Large retail chains were specified to be among those cutting jobs across the UK high streets, according to CRR’s research.

Among them is New Look, which recently confirmed it would be closing six of its stores as well as potentially axing some 500 jobs at its distribution centre, and clothing chain M&Co., which is preparing to shut all 170 of its stores after being rescued from administration.

Other retail giants making similar moves in the last two months are that of H&M, which is set to shutter four of its UK stores, and House of Fraser, which has exited Central London completely after closing its Westfield location.

In early January, the CRR had previously reported that the UK had reached a five-year high peak in store closures, with 17,000 retail locations closing their doors in 2022.