Centre of Retail Research Predicts Massive Store Closures and Job Losses

  • 20,620 retail stores expected to close by the end of the year
  • 4,547 more closures compared to 2019
  • Job losses could rise to 235,714 (up by 92,576 from 2019)
  • Government schemes and rates holiday for retailers may limit store closures and job losses
  • Moderate recovery expected after lockdown measures lifted
  • 2020 could be best year for supermarkets since 2011 due to increased consumer spending
  • Professor Joshua Bamfield: Retailers will plan store numbers for future success

The Centre of Retail Research predicts that 20,620 retail stores will close by the end of this year, with 4,547 more closures than in 2019. The ‘Coronavirus: Lost Lives, Lost Stores and Lost Jobs’ report reveals job losses could reach 235,714 (up by 92,576 from last year). Government schemes and rates holidays for retailers may limit store closures and job losses. A moderate recovery is expected post-lockdown, with 2020 potentially the best year for supermarkets since 2011 due to increased consumer spending. Professor Joshua Bamfield says retailers will plan future store numbers for success.

Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (Centre of Retail Research) and presents it objectively without any significant digressions or personal opinions. It also includes relevant data and predictions about the retail industry’s impact due to COVID-19.
Noise Level: 4
Noise Justification: The article provides relevant information about the impact of COVID-19 on retail stores and job losses, as well as some predictions for future trends in consumer spending. However, it could benefit from more detailed analysis or evidence to support its claims.
Financial Relevance: Yes
Financial Markets Impacted: Retail industry, supermarkets and grocers
Financial Rating Justification: The article discusses the impact of COVID-19 on retail stores closing, job losses, and the potential recovery in consumer spending for supermarkets and grocers, which are all relevant to financial topics and can affect financial markets and companies within these industries.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the last 48 hours.

Reported publicly: www.retailsector.co.uk