New Look is on the brink of accelerating store closures due to rising tax burdens. With 25% of its outlets at risk, hundreds of jobs may vanish.
The planned increase in employers' national insurance contributions and minimum wage will intensify cost pressures, forcing retailers like New Look to reevaluate their store presence.
If the retail sector's current strain continues without substantial rent concessions from landlords, analysts predict significant closures, potentially affecting over 17,000 shops this year.
As chicken producer Boparan seeks to pass on rising costs to supermarkets, consumers may soon face higher food prices, exacerbating inflationary trends.
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