Britain’s retail sector is shedding jobs at the fastest rate since 2009, the latest data from the CBI indicates.
Only last week, Marks & Spencer PLC (LON:MKS) said it was making a further 7,000 staff redundant, equating to around one in ten of its total headcount.
That took the number of announced retail sector redundancies to around 24,000 for the past month and a half.
In total, retail job losses have topped 114,000 so far this year but According to the CBI, things are likely to get worse in coming months.
In its latest distributive trades survey, the balance of respondents saying that might reduce jobs dropped to minus 45 in August from minus 20 in May.
The CBI added the number was minus 52 for the coming three months November.
Overall, the survey indicated a slight fall in retail sales compared to a year ago in August against After a slight recovery was seen in July.
Grocers and houseware retailers were among the few sectors seeing growth.
“Trading conditions for the retail sector remain tough,” CBI economist Alpesh Paleja said.
The possibility of deteriorating household incomes and the risk of further local lockdowns is making firms wary, he added.