The UK's high street has lost nearly 170,000 retail jobs this year, marking the largest annual decline since the pandemic. Retailers face mounting pressures with heightened taxes, increasing costs, and weakening consumer spending.
According to Joshua Bamfield of CRR, government caution surrounding the economy has significantly impacted consumer confidence, prompting households to restrict their spending, further exacerbating challenges for retailers.
With more than 200,000 additional retail jobs at risk for 2025, the looming effects of reduced business rate relief and increased National Insurance contributions pose a double blow to the industry.
Retail employment has dropped from over 4 million in 2019 to 3.6 million currently, with November's sales volumes and Boxing Day footfall both reflecting deeper troubles in the retail sector.
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