The retail sector comprises 11% of the UK workforce.

Over 100,000 jobs are expected to be axed in the UK retail sector over the next two years as the economic slowdown continues, according to a report by the Telegraph.

The prediction, made by leading retail consultation group Verdict Consulting, equates to a cull equivalent to one in 30 retail jobs.

The forecast paints a much more worrying picture of the UK high street than previously thought.

Over two years ago, Richard Hyman, Managing Director at Verdict Consulting, estimated that 30,000 jobs per year would be cut by 2010. Hyman has now increased this figure 40% to 50,000 in 2008 and 2009.

He commented: “In all likelihood, there will be an acceleration in job losses. Cost growth at the retailers has been outstripping sales growth and I expect that gap to widen in 2008.”

In addition, Hyman predicted that retailers’ costs are set to rise 4% during 2008, compared with sales growth of just 1.8%.

Around three million UK residents currently work in the retail sector, accounting for 11% of the workforce. It is the UK’s third largest employer, behind business services and the health sector.

By Natasha Piscitelli