Norwich Sees Highest Retail Business Closures in UK

  • Norwich hit hardest by Covid-induced retail insolvencies with 8.27 businesses shutting down out of every 100
  • Newcastle upon Tyne second with 3.36 businesses shutting down out of every 100
  • North East region had the highest unemployment rate outside London at 6.7%
  • 43,379 people lost jobs in retail due to pandemic and insolvencies
  • Unemployment predicted to rise with Omicron variant outbreak

A study by Wholesale Clearance reveals that Norwich has been the area hit hardest by Covid-induced retail insolvencies, with 8.27 businesses shutting down out of every 100 between March 2020 and September 2021. Newcastle upon Tyne follows closely with 3.36 businesses shutting down out of every 100. The North East region experienced the highest unemployment rate outside London at 6.7%. Over 43,000 retail jobs lost due to pandemic and insolvencies, with predictions of further job losses amid Omicron variant outbreak.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the impact of Covid-19 on retail businesses in various areas, citing specific numbers and statistics from credible sources such as Wholesale Clearance and Office for National Statistics (ONS). It also includes expert commentary from Karl Baxter, MD at Wholesale Clearance. The article is focused on the main topic and does not contain digressions or irrelevant information.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of Covid-19 on retail businesses in specific areas, but it could benefit from more analysis or context about the broader economic implications and potential solutions for affected regions.
Financial Relevance: Yes
Financial Markets Impacted: Retail businesses in Norwich, Newcastle upon Tyne, Southend-On-Sea, Nottingham, and Sheffield
Financial Rating Justification: The article discusses the impact of Covid-19 pandemic on retail insolvencies and job losses in these areas, affecting local economies and businesses.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, but the article discusses the impact of Covid-19 pandemic on retail businesses in various areas.

Reported publicly: www.retailsector.co.uk