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There have been no administrations recorded on SnapShop since our last update. In fact, much of the news reported recently has been very positive and concerns retailers across the spectrum announcing ambitious expansion programmes throughout the UK and abroad, and retailers making their debut in the country, such as Australian stationer Kikki.K looking to take on the likes of Paperchase.
Increasing retailer confidence is backed up by soaring consumer confidence in the UK, with GfK’s latest Consumer Confidence Barometer reaching its highest level in 15 years, rising six points in the month to 7. (30/06)
The general improvement in the UK economy is also evidenced by a 32% fall in retail administrations this year. According to research by Deloitte, (07/07) in the first six months of this year, 45 retailers entered into administration, compared with 66 in the first six months of 2014. This year’s figure is less than half the total of the 95 retailers that went into administration in the first six months of 2013, signalling much improved conditions on the high street.
The proposed changes to Sunday trading hours are hoped to bring about a similar effect on the UK high streets and boost the economy even more. They have been received well by many retailers, despite some independents having their concerns regarding competition. Research from the New West End Company, which represents 600 retailers in London’s West End, found that an extra two hours of trading on a Sunday would boost central London businesses by £260m each year and provide more than 2,000 additional full-time retail jobs. (17/07)
Interesting research from the British Retail Consortium has revealed that despite a slight decline in use, cash continues to account for over 52% of all transactions.(02/07) The study found that the average value of transactions across all payment methods fell again this year as shoppers become less reliant on large weekly shops and instead make more frequent visits to a wider variety of stores. It also reveals that UK customers are increasingly embracing non-traditional methods to pay for their shopping. The use of products other than cards and cash (payment via app etc.) has expanded six-fold over the last five years but still only represents a small proportion of the payments landscape. Given the launch of Apple Pay (13/07), which allows shoppers to pay for a wide range of goods and services with their phones, it will be interesting to see what changes are highlighted in next year’s research.
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