You are here: Home - Household Bills - News -

Retailers see tough future as footfall drops

0
Written by:
12/02/2018
As bed maker Warren Evans becomes the latest retailing casualty, a report by retail consultancy Springboard shows the worst January for sales and footfall in five years.

Footfall (the number of shoppers passing through stores) dropped by 1.6% last month, the worst result for January since 2013, and customer numbers on the high street fell by 1.9%.

Data from Visa showed household spending was down by 1.2% year-on-year in January. Visa accounts for around one-third of consumer payments and suggests that the next set of retail spending figures may be weak.

Warren Evans is the latest in a long line of retailers having problems. Toys R Us UK, Morrisons, Marks & Spencer, Topshop/Topman, B&Q and East have all reported problems and potential job cuts, while furniture group Feather & Black has recently found a buyer after going into administration.

Research from NatWest and consultancy Retail Economics, released last week, painted a difficult picture for the retail sector in the year ahead. Key findings included:

  • sluggish wage growth of 2.2% seen in 2017 will continue in 2018
  • retailers’ profitability remains under pressure, with operating costs increasingly high
  • uncertainty over Brexit and structural changes within retail will exacerbate challenges
  • the shift to online and the experience economy will further strengthen the case for business transformation
  • 36% of consumers expect another interest rate rise by June 2018.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
interest rates, landlords
Slump in tracker take-up as borrowers flock to fix mortgage rate

The number of tracker rate mortgages has fallen to its lowest level in nine years.

Close