For the same period in 2013, there were 95 retailers in administration – over double the figures from this year.
Depending on the type of business, a more online presence may be needed to meet consumer demand or equally there may need to be more traditional stores to assist with online operations. Retailers are having to adapt to ever-changing consumer spending habits in order to survive and compete in the market.
Head of retail at Deloitte, Ian Geddes, said “Consumers do not shop channels – they shop retailers and brands. Therefore it is essential that retailers continue to focus on how they integrate online and in-store retail to best serve their customers.”
The news continually reports on the economy improving, giving businesses and retailers a boost in confidence. With a large choice of alternative funders ready to help fund extra working capital or bridge a gap, retailers also have many more options on the table.
There are other insolvency methods too like the company voluntary arrangement (CVA) and informal time to pay deal with creditors which can avoid administration or liquidation.