The embattled retail industry faces 200,000 job cuts in 2021 after 320 shops closed every week in 2020 in the worst year for the High Street in a quarter of a century. Retailers are expecting a cash flow crisis while fighting high rent payments despite being shut due to the coronavirus still ripping across the country. Experts have also said a further shift to online shopping this year is expected to be ‘hugely damaging’ for physical stores. It comes after a staggering 180,000 jobs in the retail sector – 320 stores a week – were axed last year, leaping by a quarter on 2019. The huge figure is the worst for the British High Street – which was already struggling due to customers moving online – in 25 years. Even the world-renown Oxford Street in central London is struggling as popular brands ditch their stores as footfall plummets. Businesses such as Debenhams, Topshop, Nike and Vans are among the designers either closing or selling their shops on the road. Meanwhile retail giant John Lewis has moved a step closer in its plans to convert a large chunk of its shop there into offices. And Arcadia administrators are set to permanently shut… Read full this story
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Requiem for the High Street: Retail industry faces 200,000 job cuts this year after 320 shops closed every week in 2020 - while Nike, Gap and Vans are latest flagship stores set to leave Oxford Street have 317 words, post on www.dailymail.co.uk at January 21, 2021. This is cached page on wBlogs. If you want remove this page, please contact us.