Job losses and store closures in retail UK 2023

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

Characteristic	Administration	Rationalisation	Totals
Specific redundancies & rationalisation	-	30,290	30,290
Self-employed/concessions in larger shops	3,450	5,847	9,297
Independent store closures	2,931	4,862	7,793
Independent job losses	13,483	20,907	34,390
Multiples: stores closed	790	1,911	2,701
Multiples: jobs lost	20,139	25,289	45,428
Total store closures	3,721	6,773	10,494
Total job losses	37,072	82,333	119,405

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Release date

January 2024

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Region

United Kingdom

Survey time period

2023

Supplementary notes

Date of access used for date of release.

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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