Nearly 190,000 UK tasks have been lost in the embattled retail sector because shops were first forced to close a year back.
The Centre for Retail Research exposed in exclusive data for journalism Association news company that 188,685 retail jobs have gone between the start of the first lockdown on 23 March 2020 and 31 March this year.
The figures come a little over a week before non-essential stores resume in England on 12 April, after the lengthy 3rd lockdown. Shoppers will go back to high streets and town centres that have been hit hard by the Covid pandemic, with countless shops closing for great.
Last month John Lewis revealed that another 8 of its outlets would remain completely closed, consisting of department stores in York, Peterborough, Sheffield and Aberdeen, with the prospective loss of nearly 1,500 jobs.
John Lewis stated it would also completely close four “at home” stores, which specialise in homeware, in Ashford, Basingstoke, Chester and Tunbridge Wells. The closures follow a ₤ 517m loss for 2020, the staff-owned group’s first annual loss.
The Centre for Retail Research figures revealed that 83,725 jobs lost in the duration were through administrations, including collapses by Debenhams and Sir Philip Green’s Arcadia Group.
Another 11,986 tasks were cut throughout company voluntary plan restructuring processes, a type of insolvency that makes it possible for store closures and lease cuts.
A more 92,974 tasks were axed through rationalisation programs, that included Sainsbury’s and Asda cutting countless functions.
The terrible impact of the pandemic led to 15,153 shop closures in shopping destinations throughout the UK, the figures likewise revealed.
According to the real estate advisor Altus Group, approximately 401,690 shops are shuttered around the country and could reopen in the next stage of the prime minister’s roadmap out of lockdown this month.
Retail bosses have raised concerns that the high street will still be really challenging for retailers regardless of the easing of constraints, as service rates payments return for many.
Robert Hayton, the UK president of real estate tax at Altus, cautioned that the current company rates regime could bring additional devastation.
He stated: “Come 1 July, large sellers in England will [in effect] be returned to complete company rates liabilities, computed by reference to leas being paid six years back, bearing no similarity to the here and now, with the fundamental right of interest seek evaluation adjustments being retrospectively eliminated.”