Around 170,000 retail workers lost their jobs in 2024 after major chains collapsed
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Almost 170,000 retail employees lost their jobs this year after several major high street firms collapsed. Homebase, Ted Baker, The Bodyshop, Carpetright and Lloyds Pharmacy were among 38 retailers that went into administration in 2024, according to figures compiled by the Centre for Retail Research.
It said a total of 169,395 retail jobs have been axed since January 1, which is 49,990 (or 41.9%) more than last year. It is the highest number since more than 200,000 retail jobs were lost in 2020 in the aftermath of the Covid-19 pandemic which forced businesses to shut their stores during lockdowns.
![[LONDON, UNITED KINGDOM - DECEMBER 26: Shoppers walk in Oxford Street during Boxing Day sales in London, United Kingdom on December 26, 2024. The second day of Christmas holidays, Boxing Day sees retailers offer large discounts which attract customers who this year are predicted to spend ??3.73billion on the day itself on the high street and online. (Photo by Wiktor Szymanowicz/Anadolu via Getty Images)]](https://metro.co.uk/wp-content/uploads/2024/12/SEI_234450026-6d0d.jpg?quality=90&strip=all&w=646)
Around a third of all retail job losses in 2024 – 55,914 in total -came as a result of administrations. The centre found the remaining job cuts were through ‘rationalisation’, as part of cost-cutting measures by large retailers or small independents closing down for good.
Professor Joshua Bamfield, director of the Centre for Retail Research, said: ‘The comparatively low figures for 2023 now look like an anomaly, a pause for breath by many retailers after lockdowns if you like. ‘The problems of changed customer shopping habits, inflation, rising energy costs, rents and business rates have continued and forced many retailers to cut back even more strongly in 2024.’.
Small businesses with between one and five stores saw 58,616 jobs axed in total during the year. According to experts, 2025 will be particularly difficult due to changes to budget tax and wages. There will be a rise in national insurance contributions as well as a reduction in discounts for business rates.
