Blog: No respite for UK retailers
Petah Marian | 29 November 2011
While Christmas is the highlight of the year for most retailers, this year it will be even more important, with shoppers set to curtail their spending again in the new year.
With the CBI seeing sales decline more quickly for clothing retailers in November, Frances Coulson, the president of insolvency specialist R3 believes that the next few months will be critical for businesses.
"The next few months will be crucial for retailers who need to build up their reserves before the New Year, as this is when consumers will curtail their spending once again," said Coulson.
According to R3's Business Distress Index, the retail sector is experiencing significantly higher signs of distress than any other sector, with retail businesses more likely than any other to be concerned about their debt levels. It also found that six in ten retailers were experiencing a decline in profit and that almost half had seen a drop in sales volume.
"Things are far from being back to normal on the high street," it said. "The difficult international economic situation, the government's austerity measures, high inflation and stagnant wages will continue to put pressure on consumers."
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