With the latest reports revealing lower than expected profits on the high street this December, it’s looking bleak for some as we head towards the New Year. Despite growing economic confidence, high street retailers are failing to see a sufficient increase in spending in the lead up to Christmas. According to the British Retail Consortium (BRC), high street footfall in November has fallen below last year’s level by 4.2%. Worryingly, there has been an overall 2.9% drop across the general retail sector.
Researchers speculate that consumers have delayed their Christmas shopping trips in order to benefit from December sales. With wages failing to keep up with inflation, many customers are feeling the pinch and are holding off until the last minute. The consensus is that it’s been a slow start for retailers, however there is still time to catch up in the last week before Christmas (and then of course the January sales which begin for some retailers on Boxing Day).
Not surprisingly, growth in the non-food market over 2013 has come via online transactions, sparking the on-going (and inevitable) need for companies to have a good online presence.
If the lead up to Christmas hasn't been quite the miracle you’d hoped for, now is the perfect time to consider other options to help your business. The rent quarter may be coming up for some companies so it’s important to get your finances in order and take some time to review the business. Whether it’s cost-cutting, restructuring or securing a CVA with creditors, there are ways to help your company continue in the New Year.
Now is the time to start afresh and head into the New Year with support around you. We offer free, detailed guides on how to turnaround your company and can give you honest guidance, specific to your business.