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Retail Update - June 2018

 

Posted At: 19 June 2018 16:16 PM
Related Categories: General, Retail Statistics

 

Much like last month, and certainly since the beginning of the year, the retail world is still rather gloomy.

Retail space equivalent to 180 football pitches has been handed back to landlords as the high street continues to struggle. An analysis by property consultancy Colliers International shows 11.6m sq ft of retail space has been “lost” through administrations, company voluntary arrangements (CVAs) and planned store closures this year.

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

  • Hot weather in May helped boost trade in Britain’s pubs but hit restaurant sales. While managed pubs saw collective like-for-likes jump 3.5% in May, with drink-led outlets doing best, casual dining brands saw like-for-like sales drop 2.1%, according to latest figures from the Coffer Peach business tracker
  • Debit cards have overtaken cash as the preferred method of payment in the UK for the first time according to new figures from UK Finance. UK consumers made 13.2 billion debit card payments in 2017, compared to 13.1 billion cash. Two-thirds of UK shoppers now use contactless payments to buy goods
  • Vacancy rates in the UK’s out of town retail sector remain low with Savills’ research showing just 5.96% of units currently unoccupied. This is significantly lower than the sector’s 10.86% vacancy rate by unit in 2015 and 12.17% in 2012
  • Instagram is expanding its shopping function to Instagram Stories following the UK launch of Instagram Shopping in March. On Instagram Stories shoppers will be able to tap on a sticker of a shopping bag icon to see more details about that product and seamlessly shop the item
  • The British Property Federation (BPF) is demanding an urgent government review of the Company Voluntary Arrangement (CVA). The industry body said the CVA process is now being 'mis-used', which risks undermining the UK’s global reputation and deterring much-needed investment into town and city centres
  • Menswear continues to outperform womenswear, growing by 3.5% in 2017 to reach a value of £15bn, according to Mintel, and now accounts for 26% of the total clothing market. The womenswear market is valued at £28.4bn
  • The UK convenience market is forecast to grow by 17.6% in value between now and 2023, while the value of online will surge by more than 50%, according to new IGD research. The overall food and grocery market is predicted to grow by 14.8% to £218.5bn over the five-year period, with growth forecast for all channels

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