Almost 15,000 retail jobs lost since beginning of the year

Nearly 15,000 retail jobs have been lost across the UK’s High Streets and other shopping destinations since the start of 2023, according to figures from the Centre for Retail Research.

The organisation said that in a “brutal start to the year”, large multiple retailers–those with 10 or more stores–have slashed 14,874 jobs over the past seven weeks.

The figures show that just over 3,000 jobs are being lost through larger retailers carrying out insolvency proceedings.

Almost 12,000 jobs have been cut by retailers who are undergoing cost-cutting strategies.

Meanwhile, 675 stores have been shut or will be shut this year, including those owned by Paperchase, M&Co, and Tile Giant.

Paperchase fell into administration at the end of January after failing to find a suitable buyers. Begbies Traynor, which was appointed administrator, said that while the company's intellectual property and brand name have been sold to Tesco, its physical stores will close their doors this year.

Earlier this month clothing retailer M&Co also announced it would shut all of its 170 stores in the Spring, with a loss of around 2,000 jobs. The Scottish clothing and homeware retailer has been purchased by AK Retail Holdings, which owns brands including Yours Clothing and Long Tall Sally.

Professor Bamfield at the Centre for Retail Research said: “the process of rationalisation will continue at pace as retailers continue to reduce their cost base and we are unlikely to see any respite in job losses in 2023 after a brutal start to the year."

Over the next eight months other companies are likely to follow in the footsteps of homewares retailer Wilko, which confirmed plans to cut over 400 jobs last week.

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