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Retail Update - March 2018

 

Posted At: 23 March 2018 16:00 PM
Related Categories: General, Retail, Retail Statistics

 

2018 is proving to be a difficult year so far for retail, with not much improvement on the gloomy landscape since our last update and high-profile administrations including Toys R Us, Maplin and Countrywide Stores, and a number of CVAs also approved. The news that over a quarter of the UK’s largest retailers are loss-making does not paint a rosy future.

However, there is some good or interesting news if you look hard enough for it.

• Retail sales showed surprising growth according to the ONS, with retail sales volumes up 1.5%, ahead of predictions
• UK inflation fell to 2.7% in February with a slow-down in food and transport price increases named as the largest downward contributors
• More retailers are jumping on the bandwagon of ‘try-before-you-buy’ for online shoppers
• IGD forecasts that the European grocery retail market is set to achieve sales of €2,289bn by 2022, driven by growth in central and eastern Europe
• Instagram has unveiled its much-anticipated shopping update, allowing UK businesses to sell products via posts
• Research has revealed that consumers are willing to pay up to £1.25 more for a burger if it comes in a gourmet bun, a study by Lantmannen Unibake showed
• The restaurant and bar scenes in Liverpool, Manchester and Leeds are growing at double the rate of that in London
• Pubs continued to prove resilient to industry pressures in February achieving a 1.3% increase in like-for-like sales compared to a 1.5% decline seen in restaurants. However, the Coffer Peach Business Tracker has shown that people continued to dine out in February despite the cold weather and negative media coverage around high-profile casual dining brands closing sites
• Data from online retailer OnBuy shows the North West, West Midlands and Scotland had the highest rate of independent store openings in the UK in 2017 – with 230, 194 and 114 independent openings respectively
• Chinese tourist spend on shopping in the UK has risen by almost a third. Figures from the UK China Visitor Alliance show numbers of Chinese visitors to the UK soared by over 150% in the five years since 2012, from 211,000 visitors to 532,000 in 2017

And finally, a new study has found that Brits have collectively blown £4.46bn on spontaneous purchases while under the influence of alcohol, with almost half of British adults – 45.8% or around 15 million people – confessing to making a purchase while under the influence. Finder’s new report, which surveyed 2000 adults, also revealed that the average spontaneous spend while drunk shopping was a whopping £291.07 each!
 

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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 FSP in any way.

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