The numbers of jobs lost in UK retail dropped last year, but 120,000 people still lost their employment, reports The Independent, citing research from the Centre for Retail Research. The figures showed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector. It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022. The centre’s Joshua Bamfield said retailers have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic “exceptionally difficult”.

The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs, rather than the business failing. But experts have warned there are likely to be more failures this year as consumers continue to keep their belts tight and borrowing costs soar for businesses.