Nearly 170,000 UK retail workers lost their jobs in 2024, according to new data

The data shows the collapse of chains such as Homebase and The Body Shop jeopardised thousands of jobs and contributed to 169,395 jobs being axed in 2024.

This was a 42% rise on 2023 levels and the largest rise since more than 200,000 jobs were lost in 2020 following the pandemic.

In 2024, 38 large retailers went into administration including Lloydspharmacy, Carpetright and Ted Baker. Administration accounted for 55,914 job losses, according to the data.

The remainder of retail job losses were axed through cost-cutting programmes or at small independent stores closing unprofitable shops. 

The most recent figures from the British Retail Consortium show retail jobs represent around 8.5% of all UK jobs, with vacancies around 30% lower than they were in the period immediately after the pandemic.

Centre for Retail Research director Joshua Bamfield said: “The comparatively low [job loss] figures for 2023 now look like an anomaly; a pause for breath by many retailers after lockdowns, if you like.

“The problems of changed customer shopping habits, inflation, rising energy costs, rents and business rates have continued and forced many retailers to cut back even more strongly in 2024.”

He warned of another tough year in 2025, predicting that as many as 202,000 jobs could be lost as tax rises stemming from the autumn Budget and a rise in minimum wage could prove costly for retailers.

He continued: “By increasing both the costs of running stores and the costs on each consumer’s household, it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”