Loss of nearly 15,000 UK retail jobs a ‘brutal start to 2023’, report says
Nearly 15,000 British retail jobs have already been cut since January in a “brutal start to the year” for the high street.
A total of 14,874 retail job losses have been announced by companies so far, according to analysis from the Centre for Retail Research (CRR).
National retailers including stationery brand Paperchase, clothing chain M&Co and Tile Giant have all gone bust in recent weeks, while discount retailer Wilko, clothing retailer New Look and supermarkets Tesco and Asda have all also announced job cuts.
Large retail chains, which have 10 or more stores, are among those cutting jobs on UK high streets, as well as at main shopping destinations, the research found.
Most of the job losses – totalling 11,689 – are at large retailers including Tesco and Asda who are carrying out cost cutting programmes and restructuring operations.
Meanwhile, a further 3,185 jobs have been lost at large retailers which have collapsed and undergoing insolvency proceedings.
The embattled stationery specialist retailer Paperchase fell into administration in January, after being hit by rising costs and disappointing sales.
The brand and its intellectual property was bought by Tesco, but the deal did not include taking on Paperchase’s 106 stores across the UK and Ireland, prompting the immediate loss of 250 jobs, with an uncertain future for the remaining 500 staff.
Many of the struggling retailers have already collapsed in recent years, according to Prof Joshua Bamfield, the CRR’s director.
“The process of rationalisation will continue at pace as retailers continue to reduce their cost base,” he said. “We are unlikely to see any respite in job losses in 2023 after a brutal start to the year.”
Retail job losses have been mounting for several years,
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