October 31, 2011
With the brakes on development and low consumer confidence, what can retailers do to profit and emerge from the prevailing gloom? Nicola Harrsion finds out!
It hasn’t been the easiest year for British retailers. Store groups were rocked by a VAT increase in January, rising costs, deflated consumer confidence exacerbated by the government’s austerity measures and, more recently and unpredictably, riots in major cities and shops up and down the county.
As a result of tough economic headwinds, a string of retailers are closing stores where they can, including Mothercare, Game, HMV and Thorntons. The UK has seen some high-profile administrations too, including Habitat, TJ Hughes and Jane Norman.
Major cities including London, Manchester and Liverpool remain popular with retailers, but it’s still a dangerous time to be in the market in the UK.