More than 27,000 retail jobs have been lost since the start of 2021 and 1,023 stores have been earmarked for closure so far this year.
In just over six weeks a total of 27,096 jobs have been lost, which equates to around 850 people a day losing their jobs.
This new analysis comes from the Centre for Retail Research (CRR) which also covers retailers with 10 or more stores who have gone insolvent, are highlighting how desperate the high street is struggling.
Professor Joshua Bamfield of the CRR warned “these losses will be the tip of the iceberg” unless the government act quickly and extend the current business rates holiday with a moratorium on landlords evicting.
The Ministry of Housing, Communities and Local Government issued its latest statistical guidance on Wednesday, with no provision for an extension to the rates holiday, and also forecast councils in England will collect £24.8bn over the next year.
Professor Bamfield warned “this will simply kick the can down the road” as he urgently is calling on the government for greater support.
He added, “Government loans enabling retailers to turn unpaid rents accumulated during the crisis into fixed-term repayable loans could be the answer as part of a wider basket of support.”
Robert Hayton, UK president of property tax at real estate adviser Altus Group said, “Lockdown restrictions and changing consumer habits mean our high streets are far from capable of bearing the burden right now, but the extension must be discerning and targeted to avoid repeating the mistakes of the past.”