128,000 HIGH ST JOBS AT RISK

COST-OF-LIVING CRISIS

- Dominik Lemanski

IN A GRIM prediction, 15,000 high street stores are expected to close in 2023, alongside a further 128,000 job losses, expects have said.

The outlook comes as the retail industry braces itself for a tough Christmas trading period as shoppers feel the pinch amid the ongoing cost-of-living crisis and record levels of inflation.

“People have said to themselves, ‘we’ve run out of money’,” said Professor Joshua Bamfield of the Centre for Retail Research.

Scores of major retailers went out of business in 2022, including Sofa Workshop and household retailer Made.com. Fashion chain Joules went into administration earlier this year, before the business was bought by Next.

Now a series of retail analysts have predicted another tough 12 months for the fragile sector, including a repeat of the 15,000 store closures and 128,000 job losses witnessed this year.

Professor Bamfield said: “I just see a continuation of the process we saw in 2022 where we have fewer and fewer retail stores selling merchandise, and more hairdressers and wellness clinics and tattoo parlours and so on. I expect the figures for 2023 will look much the same as they do for this year.

“We will know by May or June for sure but the fact we have had so many companies go bust in the last four weeks is perhaps a sign of the times. People have said to themselves, ‘We’ve run out of money’.”