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SnapShop Monthly Summary - March 2014


Posted At: 27 March 2014 11:35 AM
Related Categories: Administrations, Retailers


Two administrations have been reported on SnapShop since February.

  • Pawnbroker Albemarle & Bond appointed PwC as administrator after its lenders told the board they were unable to support the turnaround plan for the business, which was hit by the falling price of gold last year leading it to report large losses. All stores will initially remain open while a buyer is sought for the business. 
  • As reported last month, Internacionale did succumb to administration with the appointment of PwC. It had been hoped to keep all stores open while a buyer for the business was sought, but as of March 24, eight stores had been closed with the loss of 91 jobs.

Shopper confidence is improving on the high street, as shown by IGD research which reveals confidence is at a three-year high. Confidence has increased most rapidly outside London, with 20% of northern shoppers saying they will be better off this year compared to just 8% in 2011. Shoppers still remain cautious, however, embracing ‘savvy shopping’ habits developed during the recession.

Next month will see the roll-out of pop-up shops across Old Street, Piccadilly Circus, Baker Street, and St James’s Park tube stations as Transport for London uses its vacant retail space for new purposes.

Figures from the British Independent Retailers Association and LDC reveal that 44 independent shops opened every day in 2013 as small businesses replaced contracting big chains, which closed an average of 16 shops a day.

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The opinions expressed herein are the personal opinion of the author and are not intended as statements of fact and do not represent the view of SnapShop or Pragma in any way.


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