2020 Retail Job Losses Exceed 24,000

Figures from The Centre for Retail Research show that 24,348 retail jobs have already been lost so far this year (by end June), many of which have been due to retailers falling into administration after being unable to trade during the coronavirus lockdown.

The data revealed that a further 31,628 retail jobs are still at risk as not all stores will reopen, meaning that 56,000 retail staff have been affected by insolvent retailers - more than for the entire year of 2019 when 46,506 jobs were lost and 2,051 stores were closed. 

Cath Kidston, Debenhams, Laura Ashley and Monsoon Accessorize are just some of the high street brands which have fallen into administration this year, and in the last week, John Lewis, Boots, Harrods and Arcadia Group have advised of job losses and store closures in some cases.

The Centre for Retail Research's research director, Joshua Bamfield, said: “With the tapering of furlough from next month and the scheduled end of the lease forfeiture moratorium in September, the second half of the year could be disastrous for high streets."

Source : Insight DIY Team and CRR

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