24,000 jobs gone in 6 months in the UK’s high street! And if industry experts are to be believed, this is just the tip of an iceberg.
It was expected considering several British fashion bigwigs have collapsed into administration especially after the pandemic onslaught since March this year. But numbers as big as 24,000 is indeed shocking.
The numbers were confirmed by Centre for Retail Research or CRR.
To add to these numbers, CRR stated that another 31,628 retail jobs are at risk of being axed, with some of them on the verge of closing down their stores permanently.
That takes the total to around 56,000 in just 6 months, while in the whole of 2019, 46,506 jobs were lost.
CRR also said that in addition to these, 15,300 more jobs were lost as a part of many companies’ cost-cutting programmes in the UK.
The year has so far witnessed some of the biggest fashion names in the UK enter insolvency like Debenhams, Laura Ashley, Monsoon Accessorise and Victoria’s Secret to name a few.
Last week also saw other retail stalwarts in the UK like Harrods, John Lewis and Arcadia announce their plans to slash jobs – with John Lewis even expressing its inability to pay bonuses to the staff this year.
The CRR added that the next 6 months could be disastrous for high street with reduction in furlough from August and end of lease forfeiture moratorium in September.
The high street retailers have some really tough tests to pass in the coming months.