In 2023, the total number of job losses in the retail sector in the United Kingdom (UK) reached 119,405 for the full year. According to estimations, there were over 10,000 retail store closures, 3,721 of which were through administration. Some 6,773 of these closures were a result of "rationalisation" processes, which the source defined as "store closures or job losses occurring either as a regular aspect of business or a special cost-cutting programme."
Number of job losses and store closures in the retail sector in the United Kingdom (UK) in 2023
The source defines rationalisation as follows: "our term for store closures or job losses occurring either as a regular aspect of business or a special cost-cutting programme. Retailers may close stores or warehouses, reorganise their management structure in stores or the head office or propose cuts in every department in order to reduce losses and cut costs, but where there is no recourse to administration or CVAs."
CVA is defined by the source s follows: "CVAs – Company Voluntary Arrangements – a different form of insolvency intended normally to give a business time to prepare a recovery business plan, which needs the agreement of its creditors. The plans often involve store closures and job losses as part of relaunching the business."
Missing data points for administrations and CVAs were not applicable.
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Centre for Retail Research. (January 8, 2024). Number of job losses and store closures in the retail sector in the United Kingdom (UK) in 2023 [Graph]. In Statista. Retrieved October 13, 2024, from https://www.statista.com/statistics/1109128/retail-job-losses-and-store-closures-in-the-uk/
Centre for Retail Research. "Number of job losses and store closures in the retail sector in the United Kingdom (UK) in 2023." Chart. January 8, 2024. Statista. Accessed October 13, 2024. https://www.statista.com/statistics/1109128/retail-job-losses-and-store-closures-in-the-uk/
Centre for Retail Research. (2024). Number of job losses and store closures in the retail sector in the United Kingdom (UK) in 2023. Statista. Statista Inc.. Accessed: October 13, 2024. https://www.statista.com/statistics/1109128/retail-job-losses-and-store-closures-in-the-uk/
Centre for Retail Research. "Number of Job Losses and Store Closures in The Retail Sector in The United Kingdom (Uk) in 2023." Statista, Statista Inc., 8 Jan 2024, https://www.statista.com/statistics/1109128/retail-job-losses-and-store-closures-in-the-uk/
Centre for Retail Research, Number of job losses and store closures in the retail sector in the United Kingdom (UK) in 2023 Statista, https://www.statista.com/statistics/1109128/retail-job-losses-and-store-closures-in-the-uk/ (last visited October 13, 2024)
Number of job losses and store closures in the retail sector in the United Kingdom (UK) in 2023 [Graph], Centre for Retail Research, January 8, 2024. [Online]. Available: https://www.statista.com/statistics/1109128/retail-job-losses-and-store-closures-in-the-uk/