Retail

UK's retail industry saw 17,145 store closures in 2022: CRR

21 Feb '23

1 min read

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In 2022, UK’s retail industry saw a total of 151,474 job losses and 17,145 store closures, according to the latest data from the Centre for Retail Research (CRR). There have already been 14,874 job losses and 675 store closures in 2023 (up to February 20), as retailers across the country continue to face a variety of challenges in an uncertain macroeconomic climate.

The reasons for job losses and store closures vary. In 2022, specific redundancies and rationalisation accounted for 13,240 job losses, while multiples stores closures resulted in 6,055 job losses. Additionally, independent store closures contributed to 11,090 job losses, and independent job losses amounted to 53,741.

In 2023, specific redundancies and rationalisation accounted for 5,188 job losses, while multiples stores closures resulted in 675 job losses, as per CRR.

The current crisis in the retail industry is not an isolated event but is instead the result of a culmination of challenges over the past ten years, according to the report. The financial crisis of 2008 had a significant impact on the retail sector, leading to store closures and job losses. More recently, shifting consumer behaviours and the rise of online retailing have further disrupted the industry, the report added.

Fibre2Fashion News Desk (DP)

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