119,405 UK retail jobs lost in 2023: Centre for Retail Research

Most stores were closed as companies were trying to reorganise and cut costs, rather than failures in businesses.

Despite some big-name losses in the UK high street, many large brands, like Topshop owner Arcadia, Jessops and Debenhams, had already gone bust before 2022, the centre said.

There are two other reasons for the problems of UK retailing, which are out of the control of retailers, the centre noted in a release.

Spending on leisure and tourism is undercutting retail sales. Retailers were losing their share of consumer spending in favour of meals out, city breaks, gym membership, subscriptions to TV channels, foreign holidays and spa, health and well-being treatments. All this leaves less to spend in shops.

The financial crisis, the pandemic and 2022 inflation have all changed consumer behaviour. Challenges to living standards have led to more 'shopping around' and the resurrection of value. Customer behaviour will quickly revert to what happened more slowly in 2022, it added.

Fibre2Fashion News Desk (DS)