2024 is a brutal year, 170,000 UK retail workers will lose their jobs

The collapse of chains such as Homebase and Body Shop is expected to contribute to the loss of nearly 170,000 retail jobs in the UK by 2024.

The Body Shop chain to restructure in early 2024

The Guardian newspaper on December 29 cited data from the Center for Retail Research showing that 169,395 jobs in this industry disappeared in 2024, an increase of 42% compared to the level of 2023. The above figure marks a gloomy year for the retail industry in the UK, second only to 2020 when more than 200,000 retail workers lost their jobs due to store closures during the Covid-19 pandemic.

The centre also recorded 38 major retailers in the country having to move into business restructuring to avoid bankruptcy, and the next big names are Lloyds Pharmacy, Carpetright and Ted Baker.

Bankruptcy restructuring accounts for around a third of all UK retail job losses by 2024, at 55,914, while the rest are down to redundancies by large retailers or smaller stores that have had to close due to losses.

The retail industry accounts for a significant portion of the UK's employment market. With 2.87 million jobs, it accounts for around 8.5% of all jobs in the national market, according to the most recent figures from the British Retail Consortium.

Professor Joshua Bamfield, Director of the Center for Retail Research (UK), gave reasons for the above situation, such as customers changing shopping habits, rising inflation, energy costs, and skyrocketing store rental fees.

According to the association's calculations, the number of jobs recruited in the retail industry is currently 30% lower than the period right before the Covid-19 pandemic.

Experts also warn that small-scale luxury stores could face a challenging 2025 due to rising taxes and adjusted income.

Source: https://thanhnien.vn/nam-2024-day-khoc-liet-170000-nhan-vien-ban-le-o-anh-mat-viec-185241230090154566.htm