400,000 retail jobs could be lost in next 5 years – analyst

The Centre for Retail Research has issued a grave warning for those working in UK retail.

The Independent reports that should current trends continue over a fifth of all UK shopping will be done online.

That’s great news for online business, of course, but potentially worrying for the country’s legion of retail workers. In fact, the report says that such a shift would result in the loss of 400,000 jobs and the closure of 50,000 shops.

If the High Street wishes to avoid this fate, the paper argues, it must embrace its merging identity as a services destination that’s great for haircuts, pedicures, key-cutting, shoe repairs, drugs and cosmetics at the chemists, eating and drinking with friends, looking at paintings, watching concerts or films”.

Which is good news for employees but still worrying for chains, particularly in the entertainment sector.