High street sales dip by 3.9% due to recent cold weather
UK high street sales have reported a 3.9% decrease during March compared to the previous year as online shopping proves to be a popular alternative during the recent cold snap.
The latest figures have shown that the numbers of shoppers hitting the high street has decreased with footfall falling by 2.7%, the British retail Consortium (BRC) and Springboard have said.
In response to the latest figures chief executive of the BRC, Helen Dickinson, has said:
“The near four per cent decline in footfall on our high streets and in shopping centres is partially caused by the distortion of the timing of Easter.
“It is, however, also a continuation of a longer term trend caused by on-going structural change within the retail industry.
“Customers don’t differentiate between buying online, on a mobile device or in-store and often combine two or more different channels when they shop.
“Therefore, as well as their significant investment in digital, retailers know they also need to continually improve their physical stores to ensure an ever changing and more exciting shopping experience. The on-going decline in levels of footfall highlights the significance of this structural change.”
The trend of consumers opting to purchase their products online is set to continue. Latest figures from global market research company Mintel have shown that just over 10% of people now do all their grocery shopping online.
Early this year in an attempt to help the decline of the UK high street, during his annual budget announcement, Chancellor George Osborne announced plans to exempt 600,000 small business firms from business rates. While many small businesses face benefiting from the Chancellor’s proposals for business rates, such firms may struggle under the Governments new National Living Wage scheme.
Need Financial Advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Which sector is next in the great UK collapse?
Over the last few months we have seen a significant fall in the banking sector, increased pressure on car manufacturers as well as blood on the UK high street. These sectors are struggling to make ends meet and aside from the banking sector, there has been little in the way of direct government assistance for even some of the largest UK businesses. But which sectors could be next to succumb to the...Read More
Are the economic woes of the UK pushing more people to move overseas?
Despite a number of denials by the UK government it appears that the country has been one of the worst hit by the worldwide economic slowdown and apparently one of the worst prepared for such an event. There is a growing concern that more and more UK business people and the general population are looking to move overseas to escape ever increasing taxes and an ever-increasing cost of living.
Dow rises as markets digest rescue plan's rejection
Stock markets staged a small recovery today, following the unprecedented events of last night.New York's Dow Jones fell a total of 777 points - its biggest one-day drop ever - on news that US lawmakers had voted against the government's rescue plan for the financial services sector.Investor's lack of confidence in the banking system, which was putting severe strain on credit markets, had led to th...Read More
Faith shoe chain falls into administration
In a bitter blow for the UK retail sector it was announced last night that Faith shoes has collapsed into administration with 1,800 jobs now under threat. It is believed that the administrators were called in after the company's debt was sold on and the future became untenable for the well-known chain. With 78 stores and 120 concessions, mainly in Debenhams, the owner of the business is known to h...Read More
CPI rises to 5.2%
The new consumer price index (CPI) was released today, showing that inflation hit 5.2 per cent last month.This is up from August's rate of 4.7 per cent - and 3.2 per cent above the government's own inflation target.However, despite the rise analysts suggested that the price rises were nearing their peak.Falling inflation rates would also open the door for the Bank of England to impose further inte...Read More