Nearly 15,000 retail jobs lost in 'brutal' start to the year

Nearly 15,000 jobs have been lost in retail so far this year in the UK, according to industry research published on Monday.

Analysis by the Centre for Retail Research found a total of 14,874 retail jobs had been cut in 2023 across the UK at large multiple retailers, which are defined as having 10 or more stores.

A total of 3,185 jobs were lost because retailers are going through some form of insolvency proceedings, while a further 11,689 are being axed as part of cost-cutting programmes.

A total of 675 stores have closed or are in the process of closing this year, the CRR noted, including shops owned by Tile Giant, fashion chain M&Co and Paperchase, all of which have filed for administration in recent weeks.

Record inflation and soaring energy bills have seen costs spike for retailers in recent months. But many have struggled to pass on those higher costs to customers, as hard-pressed shoppers look to cut back on spending during the cost of living crisis.

Joshua Bamfield, CRR director, called it a "brutal" start to the year. He continued: "The process of rationalisation will continue at pace as retailers continue to reduce their cost base. We are unlikely to see any respite in job losses in 2023."