Retail groups call for chancellor George Osborne to reform business rates to stimulate the UK economy July 10, 2016 Business organisations have written to Chancellor George Osborne calling on him to "stimulate growth" in the UK by reforming business rates. The letter said the "overall burden of business rates is too high and at tipping point" and calls for Osborne to enact more changes to business taxes. Read more: Osborne to slash corporation tax to below 15 per [...]
More than 10 per cent of high street stores across the UK now lie vacant August 15, 2016 More than 10 per cent of high street stores across the UK now lie vacant as property costs continue to rise and retailers respond to consumer demand for online alternatives. National town centre vacancy rates rose to 10.1 percent in the third quarter of this year to July, according to new research from the British [...]
Number of retail jobs is falling as workers face pay cuts July 28, 2016 Staff have become the casualties of the fierce competition and tough economic conditions facing the retail sector. The number of full-time jobs in retail fell by 2.4 per cent compared to the same quarter last year, according to a survey by the British Retail Consortium (BRC). Read more: M&S accused of threatening to sack staff who reject new [...]
Footfall dropped by the largest amount for two years in June July 18, 2016 The UK was hit by the largest decline in footfall for two years last month, down by 2.8 per cent compared to June last year. The high street suffered the worst decline in footfall of all the locations monitored, with the number of shoppers falling by 3.7 per cent year-on-year, according to a report by [...]
The EU’s maddening, opaque, confusing and illogical import tariffs must be scrapped October 18, 2016 As you sit down to read City A.M. today over a perfectly smooth coffee from one of London’s ubiquitous coffee shops, you’re probably well aware that we don’t grow coffee in this country, never will and don’t care either. So why does coffee need seven different types of import tariffs set by the EU? Today we [...]
Shop prices fell for the thirty-eighth month in a row in June July 6, 2016 Prices at the check-out are still getting cheaper, according to data released today, providing some good news for households – but don't expect shopping baskets to remain cheap forever. Data from the British Retail Consortium (BRC) and Nielsen shows overall shop prices deflated by 2 per cent in June, compared to a 1.8 per cent [...]
John Lewis Partnership considers further reforms to staff benefits as squeeze on retailers tightens November 4, 2016 High street stalwart the John Lewis Partnership is considering further curbs on staff benefits as it becomes the latest retailer to fight back against soaring costs for the sector. Documents seen by City A.M. suggest the escalating national living wage could cost the John Lewis Partnership an additional £171m in 2020. Between 2015, when the [...]
Online shopping drove retail sales in May as high street stores sufferred June 7, 2016 Online shopping drove retail sales in May, as the high street faced the prospect of permanently declining footfall and the collapse of both BHS and Austin Reed. Growth in non-food products was up by 13.7 per cent in May year-on-year, a figure higher than both the three-month and 12-month averages of 9.9 per cent and 12.2 [...]
Death of cash? British Retail Consortium says the imminent arrival of a cashless society has been “greatly exaggerated” July 1, 2015 Cash was used in just over half of retail transactions last year – but the sector's trade body has heralded this as a sign of suprising strength. "The death of cash has been greatly exaggerated," the British Retail Consortium said today. Consumers used 4.5 per cent less cash on high street and supermarket shopping [...]
Retail sales back to growth in May as warmer weather encourages spending June 7, 2016 Retail sales picked up in May as consumers took to the internet to start their summer splurge. Sales grew by 1.4 per cent in the UK retail industry, following two months of flat-lining, in a welcome, if modest, boost to the struggling industry, according to the British Retail Consortium (BRC). Once again, however, sales growth was driven [...]