New data has revealed around 850 retail jobs have been lost each working day since the start of the year as retail experts warn this will be the 'tip of the iceberg' without further support from the Treasury. 

New analysis from the Centre for Retail Research (CRR) shows 27,096 jobs have been shed and 1,023 stores have been earmarked for closure so far in 2021.

The research, which covers insolvencies by retailers with 10 or more stores, highlights the turmoil on the high street, which has seen the recent collapses of Debenhams and Sir Philip Green's Arcadia Group.

Experts are calling for an extension of the business rates holiday as new figures reveal the extent of job losses so far this year.

Pictured: A boarded up Debenhams on Oxford Street

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Some companies which have closed stores this year so far include up-market stationary chain Paperchase which announced the closure of 37 stores and the loss of 500 jobs in early January.

Meanwhile, ASOS, the UK online fashion retailer, acquired from the shell of Arcadia the brands and websites of Topshop, Topman, Miss Selfridge and the athleisure HIIT brands but the future of their stores remains unknown.

Professor Joshua Bamfield warns the job losses will be the tip of the iceberg if more help is not given to the retail industry

Debenhams, the UK's oldest retail chain which went into liquidation in December, is set to be purchased by online retailer BooHoo and will be online only. 

Professor Joshua Bamfield of the CRR warned 'these losses will be the tip of the iceberg' without an extension of the current business rates holiday and moratorium on evictions by landlords.

At the onset of the pandemic, the Government launched a break on business rates for retail, hospitality and leisure firms until the end of the current financial year, March 31.

Retail bosses have called on the Chancellor to extend the relief in the March 3 Budget, but also to complete a major overhaul of the current business rates system.

The Ministry of Housing, Communities and Local Government issued its latest statistical guidance on Wednesday, forecasting that councils in England will collect £24.8 billion for the next year - with no provision for an extension of the rates holiday in its forecast.

It has been reported that the Government is still considering an extension to the rent holiday, but Prof Bamfield warned 'this will simply kick the can down the road' as he called for greater support.

'Government loans enabling retailers to turn unpaid rents accumulated during the crisis into fixed-term repayable loans could be the answer as part of a wider basket of support,' he said.

Pictured: A deserted Carnaby Street, London, in early January this year during latest lockdown

On Tuesday, the Scottish Government extended its business rates holiday for the next financial year, increasing pressure on the Chancellor further.

Robert Hayton, UK president of property tax at real estate adviser Altus Group, said: 'Lockdown restrictions and changing consumer habits mean our high streets are far from capable of bearing the burden right now, but the extension must be discerning and targeted to avoid repeating the mistakes of the past.'

Last month the CRR predicted the sector could see as many as 200,000 job losses this year after 180,000 jobs were lost last year.

The huge figure is the worst for the British High Street - which was already struggling due to customers moving online - in 25 years.