15,000 retail jobs lost this year so far, analysis says

Data from the Centre for Retail Research (CRR) showed a total of 14,874 retail job losses have been announced in a “brutal start to the year” for the High Street.

The research said that 11,689 of the cuts have come at larger retailers, like Tesco and Asda, which are in the process of carrying out cost-cutting programmes.

Many national retailers, including Paperchase, M&Co and Tile Giant have gone bust in recent weeks, which has resulted in 3,185 people losing their jobs.

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Professor Joshua Bamfield, the CRR’s director said: “The process of rationalisation will continue at pace as retailers continue to reduce their cost base,” he told the Guardian.

“We are unlikely to see any respite in job losses in 2023 after a brutal start to the year.”

Last week, Wilko announced it will axe more than 400 jobs across the company as the struggling chain moves to cut costs.

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New Look has also announced 400 job will be axed in its warehouse in Staffordshire. H&M, is also set to close four of its UK stores, and House of Fraser closed its Westfield store in west London.

In early January, the CRR reported that the UK had reached a five-year high peak in store closures, with 17,000 retail locations closing their doors in 2022.