The Mail on Sunday

Shops axe 171,000 in less than 12 months

- By Neil Craven

JOBS lost across the retail sector have soared to 171,000 so far this year, surging past last year’s total despite Government help schemes.

The numbers rocketed over the past week with the decision to wind down Debenhams as the chain launched a last-ditch attempt to find a buyer, and as Sir Philip Green’s Topshop group Arcadia collapsed into administra­tion.

The Centre for Retail Research, which compiled the data, said it had assumed some jobs will be lost from those two businesses, although some stores may remain open if new buyers can be found.

A total of 143,000 retail jobs were lost last year and more than 30,000 stores have closed across the two-year period, the organisati­on said.

The figures are likely to prompt renewed calls for the Government to intervene further. The Treasury is already investigat­ing the business rates system, which could ease the pain in future years.

The Office For Budget Responsibi­lity announced after last month’s Spending Review that the tax burden on high street retail and hospitalit­y businesses ‘represents one material pressure on company finances that could affect the recovery’.

Ministers are considerin­g ‘options’ for further support for retail. Robert Hayton from Altus Group said: ‘It is crucial that Government ensures future support is targeted to where it is needed.’

Newspapers in English

Newspapers from United Kingdom