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Thousands of fashion retail jobs under threat

Almost 17,000 fashion retail jobs are under threat because of cost pressures on retailers according to a report by Plimsoll.

Plimsoll analysed the prospects and possible strategies that could be employed at 1,000 leading companies.

The analysis showed that up to 16,859 fashion retail jobs could go as companies seek to get costs in line with sales. Plimsoll said hat as many as three quarters of firms analysed would need to cut jobs and that companies needed to aim for at least £62,000 of sales per employee in order to stay competitive.

Plimsoll also rated 296 of the companies surveyed as "in danger" and said they needed to consolidate immediately to survive. Plimsoll said that up to 30% of the workforce in this category was under threat.

Some 299 companies need to "tweak" their business, while 405 companies were leading the market with sales per employee running at well over £112,000.

Plimsoll senior analyst David Pattison said: "The 296 companies we have identified as in danger need to act now if they are to survive. It is very important they review their entire business cost base and take action now to significantly reduce their outgoings. Whilst job losses are undoubtedly bad news for any company, such decisive action may be called for to guarantee the ultimate survival of the business - even if this means the business is 30% or 50% smaller than it was."

To order a copy of the full Plimsoll Analysis report, which names the retailers and includes full details of their financial performance, email c.sherwood@plimsoll.co.uk or telephone: 01642 626422. The report costs £350.

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