The Body Shop store chain will undergo restructuring in early 2024
Sheet The Guardian On December 29, citing data from the Center for Retail Research, 169,395 jobs in this industry will disappear in 2024, an increase of 42% compared to the level of 2023. The above number marks a gloomy year for the industry. retail in the UK, only lost in 2020 with more than 200,000 retail employees losing their jobs because stores closed during the Covid-19 Pandemic.
The center also noted that 38 of the country’s major retailers had to turn to restructuring their business operations to avoid bankruptcy, and the next big names were Lloyds Pharmacy, Carpetright and Ted Baker.
Bankruptcy restructuring accounts for around a third of all UK retail job losses in 2024, accounting for 55,914, while the remainder is due to workforce reduction programs by large retailers or Small stores had to close because of business losses.
The retail industry makes up a significant portion of the UK job market. With 2.87 million jobs, the industry accounts for about 8.5% of all jobs in the national market, according to the most recent figures from the British Retail Consortium.
Professor Joshua Bamfield, Director of the Center for Retail Research (UK), gives the reasons leading to the above situation, such as customers changing shopping habits, rising inflation, energy costs, and rental fees. stores soared.
According to the association’s calculations, the number of jobs recruited in the retail industry is currently 30% lower than the period immediately before the Covid-19 Pandemic.
Experts also warn that small-scale luxury stores may face a challenging year in 2025 because of increased taxes and adjusted income.
