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SnapShop Monthly Summary - May 2014

 

Posted At: 22 May 2014 15:49 PM
Related Categories: Administrations, Retail Statistics

 

Consumer confidence continues to improve, as evidenced with a 6.2% rise in UK retail sales during April according to ONS figures, in which some £28bn was spent over the course of the month. UK online sales grew by 13.3%, suggesting that the wider consumer recovery remains on track. The rise in sales comes after a footfall decline of 0.1%.

There were no reported administrations on SnapShop during May, however administrators at Internacionale have confirmed the business will be wound down. It’s a similar story at Paul Simon, where administrators have announced that the remaining stores will close by mid-June following a restricted level of interest from potential purchasers.

On a brighter note, Hereford’s 310,000sqft Old Market scheme opened its doors at the beginning of May. Old Market is the only significant retail development to open this year, and is the first major development in Hereford for 25 years.

Annual spending by overseas visitors is predicted to grow by 34% to over £27bn by 2017 in the UK
, according to The Tourist Dynamics report from Barclays, indicating the resilience of the luxury goods market in the UK.

The continuing expansion of multiple operators and symbol groups in the convenience sector has led to a new analysis of the market being carried out by IGD and WRBM, the results of which reveal that the sector is expected to grow by more than 30% over the next five years, generating an additional £12bn in extra sales.

Finally, the BRC continues in its battle to tackle the issue of business rates, joining forces with representatives from the leisure sector and other high street businesses and manufacturers to strengthen its calls for the Government to reform the system. The BRC will publish the next phase of its work on business rates at the end of June.
 

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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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