GRIM TOLL IS 4 TIMES HIGHER THAN 2017
ALARMING figures reveal 28,000 jobs have been lost on Britain’s high streets this year – four times as many for the whole of 2017.
And a staggering 40,000 more are expected by the end of 2018.
The grim statistics emerged as traders are still reeling from the closure of more than half of House of Fraser’s 51 stores.
New analysis shows 3,025 restaurant jobs have gone – up from 750 last year.
Shops falling into administration account for 9,936 job losses, up from 2,800.
Some 9,830 posts – a massive 400 per cent increase – have gone after retailers cut costs and closed some shops to keep others afloat. And yet more high street closures have cost 5,894 jobs. Warnings of further casualties – including a possible 6,000 at House of Fraser – came from the Centre for Retail Research.
Professor Joshua Bamfield said: “We’re going to see a lot more closures and, sadly, more people losing their jobs.”
Nimesh Sanghrajka, of commercial finance specialist Mantra Capital, said high street retailers need to adapt to compete with online firms, adding: “The entire retail landscape is changing at a breakneck pace and companies with legacy models are dropping like flies.”
A string of big names hit includes Toys R Us and Maplin, with the loss of 5,000 jobs, while Mothercare plans to close 49 branches – hitting around 800 staff.
Fashion chain New Look is closing 60 of its 583 UK stores at a cost of 980 jobs. Marks & Spencer will shut more than 100 stores by 2022, while there are fears for budget chain Poundworld and its 5,300 workforce. Experts blame a toxic mix of high rents, business rates and living wage costs. Separate figures show 3,200 retailers have gone bust since 2014. The British Retail Consortium said: “Two years ago we said up to a third of retail jobs could disappear by 2025 and this has begun to play out. “At the same time, new jobs are emerging including 100,000 retail jobs that didn’t exist five years ago.”
PLAYING FOR A POINT: With Antonia
CLOSURES: High Street giant