More than 400 retail jobs lost every day this year as bleak retail outlook continues

More than 400 retail jobs have been lost every day this year as the High Street faces rising costs.

Grim figures from the Center for Retail Research (CRR) show that 130,148 jobs disappeared in mid-November, more than the 119,405 lost throughout 2023.

The cuts came as more than 8,500 stores closed and big names such as The Body Shop closed sites.

Industry experts warn that the worst is yet to come in 2025 as retailers will be hit by the rising cost of doing business.

Much of the blame falls on Rachel Reeves, who ripped up Labour’s manifesto with a £25bn increase in employers’ National Insurance contributions and pushed for an increase in the minimum wage to stamp out inflation.

The Chancellor has also been criticized for failing to reform the business rates regime plaguing the high street.

The CRR will publish its full annual job loss figures next week, laying bare the crisis facing the industry.

The issue has been highlighted by the Mail’s Save Our High Streets campaign, with household names such as B&Q and Currys calling for urgent business rates reform.

Rising national insurance, rising minimum wages and rising business rates are feared to lead to further job losses over the next 12 months.

Retailers such as HMV and The Entertainer have already said they will not open new stores due to higher tariffs next year.

John Webber, head of business rates at estate agency Colliers, said Labor would “end the High Street” without a change of course, warning that job losses will get worse.

The business rates system is a tax based on the rental value of a commercial property, meaning stores pay a premium compared to online giants such as Amazon.

Ahead of the Budget, employers called on the Chancellor to extend Covid-era relief plans that cut business rates bills by 75 per cent.

They also wanted to see the introduction of permanent reforms to the system that would level the playing field. Instead, the rate reduction for hospitality and retail was reduced to 40 percent.

Reeves also announced plans aimed at reducing the trading bills of most High Street shops at the expense of larger commercial premises, which will have to pay more.

The idea is to catch large warehouses used by companies such as Amazon, but it could backfire as the proposals will also affect larger brick-and-mortar stores.

Webber said: “Labour have washed their hands of the High Street and are hanging them out to dry.”

‘They should hang their heads in shame because they are causing a lot of damage. The route they follow will end at High Street.