Mobile giant Vodafone has announced that none of its high street properties in London will be closing, despite reporting that it will be cutting around 500 jobs in the UK.
Although it announced revenue of £10.5 billion for the last quarter of 2008 – up more than 14% on the same period in 2007 – the company says that increasing competition and the rising cost of materials means that it needs to reduce its worldwide operating costs by £1 billion per year for the next three years.
Despite the cuts, which include jobs in stores and call centres in London, no premises will be closed and so it appears unlikely that office space in London will be lost.
This is a marked difference from many other retailers, which have focused more on internet sales in an effort to reduce their overheads. Trade union Connect has called on Vodafone to ensure that any redundancies will be voluntary. Staff are currently being informed of the job losses.