The retail job losses in 2024, reaching almost 170,000, indicate a significant collapse, with a 42% increase compared to the previous year, raising concerns for future stability.
Professor Joshua Bamfield pointed out that the previous year’s retail job losses were an anomaly, highlighting the severe economic pressures like inflation and changing shopping habits that have persisted into 2024.
Alex Probyn noted that reductions in business rates and other financial pressures are squeezing independent retailers dramatically, contributing to significant job losses and store closures this year.
With around 33% of job losses attributed to high-profile administrations, experts warn that the retail sector is unlikely to recover without crucial government support and economic stability.
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