UK witnesses massive retail stores closure in April

April 2017 stood out as a plummeting month for the retail stores in the UK as 15 fashion brands have shut their 820 stores. This massive closure resulted in job-loss for nearly 5,431 employees. A large number of retailers, who operate in the UK, are still scrabbling to adjust in the falling market.

The situation seems to be worst in the UK’s history since 2008 recession period when 5,793 stores of 54 retailers closed, affecting as much as 74,539 employees. Whereas, last year in 2016, 30 companies stopped operating in the UK, with collectively 1,504 fashion retail stores.

Also Read – Juicy Couture shutters UK stores

Fashion brands, footwear giants and big stores such as Kit and Ace, Jaeger, 99p Stores, Brantano, Ted & Muffy, Agent Provocateur, News from A Place Down Under and Juicy Couture have closed their stores so far till April this year either because of loss in retail business, poor cash flow or over-expansion.

Additionally, the emergence of e-commerce shopping is said to be one of the major reasons as while comparing March 2017 with March 2016, internet sales in textile, clothing and footwear stores have increased by 28.1 per cent in the UK.