Title: Approximately 170,000 Retail Workers to Lose Jobs in the UK in 2024

In 2024, approximately 170,000 retail employees lost their jobs in the UK’s high street retail sector, facing a challenging year. The collapse of major chains such as Homebase and The Body Shop put thousands of jobs at risk and contributed to the removal of 169,395 retail positions in 2024, representing a 42% increase compared to 2023 levels.

Year-end figures compiled by the Retail Research Center recorded the highest annual job loss since the Covid-19 pandemic forced retailers to close their stores during lockdowns, resulting in the loss of over 200,000 jobs in 2020.

The center noted that 38 major retailers went into administration in 2024, including well-known names like Lloyds (LON:LLOY) Pharmacy, Carpetright, and Ted Baker. Approximately one-third of the job losses in the retail sector for 2024 (a total of 55,914) were attributed to administration, while the remainder occurred due to cost-cutting programs by large retailers or the closure of unprofitable small independent stores.