This ad will be closed automatically in X seconds.

20,000+ UK stores could permanently close after lockdown

Experts from the Centre for Retail Research say as many as 20,620 UK stores could never reopen.

A stark warning has been issued by the Centre for Retail Research, which has said that as many as 20,620 UK stores could never reopen after the COVID-19 lockdown is lifted.

This could result in 235,714 retail jobs being lost, reported Fashion United.

The report – entitled Coronavirus: Lost Lives, Lost Stores and Lost Jobs – does, however, forecast a moderate ‘V’ type shape of recovery once the lockdown measures – which included the closure of all non-essential retailers by the government – are lifted, with a possible ‘splurge of cash’ by late summer.

“We expect large retail businesses to now be looking at exactly how many stores they expect to operate in 2021 and beyond in order to trade successfully moving forward,” said a statement from Professor Joshua Bamfield, director at the CRR. “They will now make plans to achieve those objectives.”

The government’s measures, such as a business rates holiday for retailers, will help limit store closures and job losses, he also noted.

Want to read more news like this? Simply sign up to our daily digest in the box below. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.

Popular greeting cards trade show will now take place on September 2-3 at London's Business Design Centre....
British lifestyle brand will use funds to support further UK growth and international expansion....
New filter further builds on success that Millimages' brand has enjoyed across social messaging platforms....
Cyber Group Studios teams with Outright Games and Bandai Namco Entertainment Europe on project....
Including Rocket Licensing continuing to welcome partners for the classic Beano brand....
Riverside Brands secures raft of key partnerships across a range of categories....
Get the latest news sent to your inbox
Subscribe to our daily newsletter