The rise of internet shopping and the increase in the number of people working from home could cause 400,000 jobs to be lost in High Street
Internet shopping boom and increase in people working from home could lead to 400,000 job losses on High Street
The boom in internet shopping and the increase in people working from home could lead to the loss of 400,000 jobs in High Street, new research warns.
Economists at KPMG say even after the Covid-19 restrictions are lifted, the number of buyers could be one-third lower than the pre-pandemic level, as fewer people travel to work – and e-commerce is on the rise.
It claims that high streets can lose between 20 percent and 40 percent of their stores, leading to the cutting of as many as 400,000 jobs.
Yael Selfin, chief economist at KPMG UK, said: “Main streets need to be redesigned as cultural and recreational hubs to act as magnets for businesses and jobs that can transform less affluent areas.”
Winners and losers emerge from the Christmas trading period, with retailers with strong online offerings outperforming their competitors. KPMG said office workers are unlikely to return to their commuting habits, and most are expected to continue working remotely for part of the week.