The retail horrors of 2020 might continue in 2021 as well!
And if the prediction made by Centre for Retail Research (CRR) is anything to go by, then 2021 may see 200,000 job losses. That doesn’t sound good!
Stores are still closed in many parts of the UK and Government restrictions are tighter than they were before. Under these conditions, high street retailers and shopping centres are going to be further hit.
The CRR stated that 320 stores (on average) were closed every week in 2020. And 2021 also has begun with Arcadia Group announcing closure of 31 stores by the end of this month. That’s also going to hit many more jobs.
Also Read: Arcadia Group closes 31 stores
CRR also said that the retail sector’s worries owe to high costs and low profits. Besides, growth of e-commerce has further dented the retail performance – be it those in the high streets or those in malls.
But, sadly that’s been the story in most parts of the globe.
Though Government has been funding to help preserve jobs, yet CRR believes that no business can be run with zero revenue – not to mention the constant fear of lockdown getting imposed.