The eponymous British High Street is on the verge of its biggest crisis since 2008. According to The Centre for Retail Research up to 200,000 retail jobs could be gone by 2020, this is in addition to the 150,000 that have disappeared since 2016. Many household chains are scrambling to negotiate with creditors in order to avoid collapse and total wipeout
Global shares traded in the red, and the dollar slumped before a hike in US interest rates, while awaiting key guidance on how many more to expect for this year. S&P futures were little changed, while markets in Europe and Asia dropped.
"...add to rising retail unemployment the move to more self-checkout, more AI, and more computerized systems instead of human staff. It’s not too hard to understand why people could soon be dependent on a Universal Basic Income and a return to an almost feudal society..."