Centre for Retail Research Forecasts 164,000 Retail Job Losses in 2019

According to the data from the Centre for Retail Research (CRR), over 164,000 retail jobs are likely to be lost in 2019, up from 137,700 in 2018.

The CRR also predicts store closures of 22,100, up from 18,443 during 2018.

The forecasts indicate that half of the jobs lost will be from independent retailers.

Jobs are expected to be lost in several different ways:

102,000 - administration or liquidation
53,100 - CVA
8,500 - store rationalisation/right-sizing

The CRR's Professor Joshua Bamfield told trade publication, Retail Week: “We expect a number of major retailer chains to hit the buffers in 2019 and go into administration or seek approval for CVAs, of which HMV may be only the first. Most retailers are likely to bring forward plans for store closures and jobs-shedding.”

“Consumers have shown over Christmas they are increasingly anxious and have become more careful about spending money. The bitchy nature of political debate on either side of the Brexit debate further undermines consumer confidence and makes shoppers doubt whether anyone is in charge.

“It is time for the Government and local authorities to make a strong effort to save the high street and cutting business rates as a priority would be a welcome first start.”

Source : Insight DIY Team

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