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The past month has seen a bit of turmoil on the high street, although no administrations have been recorded on SnapShop.
BHS proposed a CVA at the beginning of March which was subsequently approved this week to enable it to reduce rents in 40 loss-making stores as it looks to continue to trade through its turnaround plan.
Beales also filed for a CVA at the beginning of March for 11 of its 29 stores, seeking a rent reduction of 70% on 11 stores for 10 months while it negotiates with landlords. The other 18 stores – including its flagship in Bournemouth – are unaffected.
Recent weeks have seen plans to extend Sunday trading hours rejected by MPs, meaning that all will stay the way it has been on the high street. Many see this as a victory, while others see it as a disappointment. FSP can see both sides of the coin, and we wonder whether this is something that will be addressed again in the future as we move further into the digital world.
With the news that Google is bringing Adroid Pay to the UK soon, Barclaycard research has shown that contactless spending in 2015 soared by 188% in pubs and bars. The category experienced the third biggest rise in 'touch and go' transactions over the past year behind public transport (532%) and pharmacies (207%). Contactless spending in fast food outlets was also up 108%. Restaurants witnessed a 104% increase and caterers, ranking 10th on the list, saw a 96% uptake in the speedy payment method. This is definitely something to watch in the coming months.
Another addition to the ‘ones to watch’ list, is that a wave of American retailers is predicted to cross the pond and use London as a launch-pad into European expansion. Research from BNP Paribas has forecast that brands such as Michael Kors, America Eagle Outfitters, Henri Bendel and Tory Burch, as well as new market entrants, will be among the US retailers drawing up expansion plans, seeking to capitalise on the buoyant consumer environment in the UK.
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