Sunday, December 28, 2008

70,000 retail jobs face axe in 2009

The economic crisis will significantly worsen in the New Year, with a shocking 70,000 jobs now expected to be lost in the beleaguered retail sector alone.

Retail forms a huge part of the economy with almost 30,000 wholesale and retail businesses in the country.

The sector employs around 200,000 people -- over 9 per cent of all jobs -- and accounts for close to a quarter of consumer spending.

In the New Year, it is widely anticipated that a third of such businesses will close, an unprecedented development which will lead to up to 70,000 job losses.

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