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Retail Update - November 2018

 

Posted At: 15 November 2018 16:54 PM
Related Categories: Future of Retailing, General, Retailers, Store Closures

 

Continuing the pattern of the year, and starting to sound like a broken record, the retail world is still rather gloomy.

The high street continues to suffer retail losses; bakery chain Peyton & Byrne, Evans Cycles and listed butcher Crawshaws Group all fell into administration but have subsequently been rescued. This week alone has seen the demise of 50-year old bridal chain Berketex Brides, which fell into administration with the immediate closure of its stores. Almost 1,000 retail businesses fell into administration in the year to September 2018, the highest number in five years.

As many as 85,000 jobs have disappeared from the UK high street so far in 2018, according to figures from the Office for National Statistics. The first six months of the year saw 80,000 jobs lost, with a further 5,000 thought to have been lost between July and October.

However, as autumn gives way to winter and retailers turn their attention to the all-important Christmas trading season, there is some better news to be had;

  • Spending by retailers on Christmas advertising is set to hit a new high of £6.4bn this year [Advertising Association], having risen nearly 50% in eight years
  • London’s New Bond Street has been named as the most expensive retail street by rental value in Europe, new data from Cushman & Wakefield shows
  • UK apparel and footwear spend via online-only retailers is set to soar by 67.4% over the next five years, reaching £7.5bn in 2023 and accounting for over one-third of online clothing and footwear sales by 2023, a new report by GlobalData claims
  • The number of independent retailers in the UK is forecast to creep up 0.3% by 2023, surviving because they can be more nimble than big businesses in the face of change, according to the research by American Express and GlobalData
  • Westfield London has been named as the leading UK shopping centre by the Trevor Wood Associates’ shopping centre guide, overtaking Westfield Stratford which has been number one for the last six years
  • Black Friday sales in the UK are expected to reach £1.54bn, with shoppers set to spend 13% more than 2017. Online spend is estimated to total £8.1bn during peak activity between 19-26 November [IMRG]

And finally, October’s Budget revealed a £675m pledge to create a “Future High Streets Fund” to support councils in drawing up plans for the transformation of their High Streets, allowing them to invest in the improvements they need and to facilitate redevelopment of under-used retail and commercial areas into residential.
 

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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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