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This month’s statistics show an improving trend on the UK’s embattled high streets.
• BDO’s High Street Sales Tracker show that like-for-like high street sales were up 8% for the four weeks to 26 January, the highest figure in three years
• BRC figures show that UK retail sales were up 3.9% on a like-for-like basis from January 2013. On a total basis, sales were up 5.4%, the strongest growth since March 2010
• Shop vacancy rates fell below 14% for the first time in four years according to LDC, although the North West still has the highest rate at 17.3% compared to the national average of 12.2%
• Footfall was up 1.6% in January according to the BRC. Despite a 0.6% decline on the high street, retail park footfall surged 5.7% and shopping centres saw a year-on-year increase of 2.4%
• January online sales grew by 18% compared to the same time last year as shoppers spent £8.1bn over the internet, according to IMRG figures.
• Consumer Confidence, measured by GfK is standing at -7, higher than it has been since September 2007
Another high street rescue plan has been unveiled by the government based on the “common factors of success”. It will be piloted from May across nine town centres, the locations of which will be revealed in the near future.
The BRC have come up with three radical alternatives to business rates, set out in a document called The Road to Reform. They suggest replacing them with a new tax based on business’ energy efficiency; doing away with the current property-based system in favour of a scheme that reduces rates for businesses employing larger numbers of staff; and the suggestion of a discounted rates bills for those paying the most in Corporation Tax.
A separate study by Deloitte found nearly three-quarters of the money spent shopping in Britain comes from just 18% of consumers, who increasingly make their purchases using mobile devices. The ‘Super Shoppers’ account for 70% of all UK retail spending, the equivalent of over £200bn in 2013, despite making up less than a fifth of the population.
February laid claim to one administration - Base Retail, which trades as Base Menswear, appointed restructuring firm Portland as administrator early in the month, citing a squeeze in middle-market menswear and excessive business rates. However, the demise of the menswear business has not affected Base Childrenswear, which is registered as a separate entity on Companies House.
Internacionale UK has filed a notice of intention to appoint PricewaterhouseCoopers as administrator before the end of the month. Keep up to date with this on SnapShop.
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