10,000 retail jobs lost since start of 2020
Written by Hannah McGrath
Nearly 10,000 retail jobs have been lost in the first three weeks of 2020, according to new research.
Data from the Centre for Retail Research and Altus Group found that 9,949 retail roles have already been axed this year, as a swathe of brands shuttered stores to mark the start of another torrid year for the UK High Street.
The figures, which do not account for new job roles created in the first three weeks of January, reflect major restructuring plans and store closures announced by retailers, including Debenhams, GAME, HMV, Arcadia and Mothercare.
Last week, big four grocers Asda and Morrissons announced plans to cut thousands of middle manager roles, as they refocus resources on shop floor and customer service, following a tough Christmas trading period.
In addition, more than 1,200 further jobs were left hanging in the balance, with the department store chain Beales and toy retailer Hawkin’s Bazaar entering administration last week.
The majority of store closures and restructuring strategies have been attributed to falling footfall on the High Street at shoppers migrate online.
British Retail Consortium (BRC) figures last week indicated a loss of 57,000 retail jobs in the last three months of 2019, following a year described as “the worst on record” for sales growth and businesses collapsing into administration.
Separate research from Altus highlighted emerging trends in brick and mortar retail, with a survey of more than 400 property owners and investors finding that 66 per cent of British executives see cashier-less retail as one of the top two beneficial innovations to come with the introduction of 5G wireless technology.
Meanwhile around 77 per cent , saw a similar benefit to automated stock ordering through the increased adoption of these new technologies 5G will bring.