The number of chief executives losing their jobs in the retail sector reached a seven-year high in 2019, according to a new report.
Overall churn of retail bosses in 2019 saw a 25% increase to 55 across the sector, up from 45 changes the previous year according to Korn Ferry’s UK Retail CEO Tracker report.
The report also found that 37% of chief executives who lost their jobs last year had been in the role for less than three years and that the fashion, luxury and apparel categories were the worst affected across the industry.
The report said the high turnover rate among retail bosses was driven by “wavering consumer confidence, Brexit uncertainty, a general election and ongoing challenges of rent and business rates [which] combined to create an ‘annus horribilis’ for retail”.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.