Almost 170,000 retail workers lost their jobs in 2024, a 42% increase on the previous year, according to data from the Centre for Retail Research. The collapse of major chains including Homebase, The Body Shop, Lloyds Pharmacy, Carpetright and Ted Baker contributed to the highest annual job losses since 2020, when more than 200,000 roles were cut during the pandemic.
Administration accounted for about a third of the total, with 55,914 job losses, while the remainder came from cost-cutting programmes by large retailers and independent stores closing unprofitable outlets. The figures highlight ongoing pressures on the UK high street from changing shopping habits, inflation, rising energy costs, rents and business rates.
Prof Joshua Bamfield, director of the Centre for Retail Research, said the relatively low job losses in 2023 were an anomaly. “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,” he said.
The British Retail Consortium warned that 2025 could be even tougher due to tax rises announced in the autumn Budget, including increased employer national insurance contributions and reduced business rates discounts, creating a £2.3bn bill for the sector. Bamfield predicted as many as 202,000 jobs could be lost next year, potentially exceeding pandemic-era levels.
