Retailers cut almost 170,000 jobs in 2024 during another challenging year on the British high street.
Data from the Centre of Retail Research found that a total of 169,395 retail jobs have been lost so far this year – a 42% jump on 2023 levels.
It is the highest annual figure since 2020 when more than 200,000 jobs were lost as retailers were forced to shut their stores during the Covid lockdowns.
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The report noted 38 big retailers went into administration in 2024, including Carpetright, Homebase, Ted Baker and The Body Shop.
Administrations accounted for about a third of all job losses, amounting to 55,914 in total, with the rest axed through cost-cutting programmes or store closures from independent businesses.
Centre for Retail Research director professor Joshua Bamfield said: “The comparatively low [job loss] figures for 2023 now look like an anomaly, a pause for breath by many retailers after lockdowns if you like.
“The problems of changed customer shopping habits, inflation, rising energy costs, rents and business rates have continued and forced many retailers to cut back even more strongly in 2024.”
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