The boom in internet shopping and rise of people working from home could lead to 400,000 jobs being lost on the High Street
The boom in internet shopping and rise of people working from home could lead to 400,000 jobs being lost on the High Street, new research warns.
Economists at KPMG say that even after Covid-19 restrictions are lifted, shopper numbers could be a third below pre-pandemic levels as fewer people travel to work – and ecommerce booms.
It claims high streets could lose between 20 per cent and 40 per cent of their shops – leading to as many as 400,000 jobs being axed.
KPMG UK chief economist Yael Selfin said: ‘High streets will need to be reimagined as cultural and recreational hubs to act as magnets for businesses and jobs able to transform less prosperous areas.’
Winners and losers are emerging from the Christmas trading period, with retailers with strong online offerings out-performing their peers. KPMG said it was unlikely that office workers will return to commuting habits, with most expected to continue working remotely for part of the week.
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