After a positive January the UK’s retailers will be left despairing as our Like-for-Like Club has shown that February’s retail sales were down by 8.1 per cent year on year – the second worst figure since the Club began.
Our Like-for-Like Club outlines weekly sales changes of more than 60 mid market retailers with some 4,500 individual stores located on high streets throughout the UK.
February 2009 will go down in the record books as being an extremely difficult month for retailers, as the realities of the credit crunch hit their businesses with a resounding thud this month.
The first week of February brought severe weather conditions not seen for 18 years to the UK’s high streets and then adding insult to injury, the timing difference with Mother’s Day knocked takings during the latter half of the month. This double whammy resulted in the second worst like-for-like sales figures we’ve seen.
As we feared, January’s positive sales figures were just a blip with results quickly reverting back to the negative levels experienced before Christmas. It remains imperative that retailers look at the various areas which should help their business survive these difficult trading times. Our Advisory experts have put together a Surviving 2009 online guide which provides information for you to review and understand where your business might need assistance.
As well as helping businesses survive the downturn, our Retail Team is helping clients prepare themselves in the best possible way for the green shoots of the recovery. Strategies for successful retailing looks at strategies from the obvious to the less commonly followed, but all are relevant: