UK High Street Struggles Continue Amid Pandemic Impact
- 125,500 retail jobs lost since start of 2020
- 43,381 jobs lost through administrations
- 10,556 jobs lost through CVAs
- 71,578 jobs lost through rationalisation schemes
- 13,868 retail stores closed in 9 months to 1 September
- 5,675 sites shuttered due to administrations
- 508 stores closed through CVAs
- 7,685 stores closed due to store rationalisation programmes
- Retail employment fell at its fastest rate since February 2009
- Slight fall in retail sales compared to a year ago
- Broadly flat sales in the year to July
- Faster fall in sales expected next month
- Only grocers, furniture, non-store and ‘other’ goods saw growth
The UK retail sector has seen a significant decline since the start of 2020, with 125,515 jobs lost and 13,868 stores closed in nine months. The Centre for Retail Research (CRR) reports that 43,381 jobs were lost through administrations, 10,556 through CVAs, and 71,578 through rationalisation schemes. CBI’s Distributive Trades Survey reveals retail employment fell at its fastest rate since February 2009, with only grocers, furniture, non-store, and ‘other’ goods experiencing growth. The pandemic’s impact on the high street continues to take its toll.
Factuality Level: 9
Factuality Justification: The article provides accurate information from a reputable source (Centre for Retail Research) and presents data on retail job losses and store closures in the UK. It also references another survey by CBI to support its claims about the impact of the pandemic on the retail sector. The information is relevant, objective, and well-structured without any clear signs of sensationalism or personal opinion.
Noise Level: 3
Noise Justification: The article provides relevant information about retail job losses and store closures in the UK, but it lacks analysis or exploration of long-term trends or possibilities. It also does not hold powerful people accountable or provide actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses job losses and store closures in the UK retail sector, which can impact companies’ financial performance and potentially affect the stock market.
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 text.
www.retailsector.co.uk