"This trend in retail employment is a result of changing shopping habits, weak consumer demand and rising costs for the industry. But while there are fewer jobs overall in retail, the technological revolution has also meant that new roles are being created in fields such as AI, digital marketing and data science, said Dr Liliana Danila, economist at the British Retail Consortium in a press release.
Retail remains the largest private sector employer in the UK, so it is vital that Government supports the industry to make the necessary investment to adapt to changing consumer trends. Retail continues to play a crucial role to the UK economy, providing job opportunities across the whole of the UK, including less well-off areas, offering millions of people local jobs and flexible hours.
The business rate system holds back investment, reduces productivity and increases regional disparities. Currently, retail accounts for 5 per cent of the economy, yet pays 10 per cent of all business taxes and 25 per cent of business rates – it is simply unsustainable. The Government must address the much needed reforms to this broken tax system before more jobs are lost and stores are closed." (PC)
Fibre2Fashion News Desk – India