UK High Street Cut More Than 140k Jobs in 2019, More Job Loss Expected Next Year

Over 140,000 jobs have been cut from UK's high street retail sector in 2019 over continued strain driven by low consumer spending.

Written by: Arslan Butt • Monday, December 30, 2019 • 1 min read

UK High Street Cut More Than 140k Jobs in 2019, More Job Loss Expected Next Year

According to a recent study by Centre for Retail Research, over 140,000 jobs have been cut from UK’s high street retail sector in 2019 over continued strain driven by low consumer spending. This translates to over 2,750 jobs being lost every week this year, and the situation is expected to worsen in the coming year.

According to CRR, high business rates in the retail industry have forced high street brands to close stores at a faster pace, driving job loss. High operating costs, reducing profitability and increasing preference for online shopping have also contributed to the steep downfall in jobs in Britain’s high street sector.

According to CRR’s director, Prof Joshua Bamfield, “The low growth in consumer spending since 2015 has meant that the growth in online sales has come at the expense of the high street.” With more leading brands looking to close down their stores, the crisis is expected to grow in 2020.

Some of the leading high street bands looking at closure include Mothercare, Debenhamss, Forever 21 and Patisserie Valerie. 2019 saw leading brands like Regis/Supercuts, Bonmarché, Albemarle & Bond, Select, and several other leading names close shop and cut jobs.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.