10 March 2017: Changing consumer habits, whether it be more online purchases, waiting for the sale and not following new trends and fashions or making purchases for the following year have resulted in a number of retailers struggling to shift unsold stock.
Increases in business rates, rent rises and the increase in the national living wage have also resulted in retailers struggling to make a profit and break even.
Latest statistics showed that, in the first half of 2016, 15 shops closed every day on Britain’s high streets. The growing pressure for fashion shops continues and traditional high street shops are being replaced by health care operators, food and beverage operators and more and more discount shops.
It is predicted that this year will be worse. If you are or someone you know in the retail industry faces financial difficulties, one of our team of professional Insolvency Practitioners would be happy to help look for ways to avoid insolvency. Initial consultations at BRI Business Recovery & Insolvency are always free, confidential and with no obligation.