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01/09/2009
Retail 'Recession Backlash' Due Next Year
UK retailers could feel the worst effects of the recession next year, according to a new report.
Accountants and business advisers BDO Stoy Hayward said a downward turn in High Street sales could be prompted by rising unemployment across the country.
The report suggested more than 5000 shops will shut in 2010, 400 more than predicted for this year.
The firm's Retail Business Restructuring Partner Tony Nygate told Reuters: "Unemployment has risen less than the economic contraction originally suggested, with a flexible labour market allowing employers to reduce hours and wages rather than make redundancies."
He said these factors had helped maintain retail spending amidst the recession, which has been crucial in stopping many more retailers from going bust.
"However retailers can expect the worst of the recession to hit in 2010 when rising unemployment and structurally lower consumer credit will dampen prospects," Mr Nygate said.
(PR/BMcc)
Accountants and business advisers BDO Stoy Hayward said a downward turn in High Street sales could be prompted by rising unemployment across the country.
The report suggested more than 5000 shops will shut in 2010, 400 more than predicted for this year.
The firm's Retail Business Restructuring Partner Tony Nygate told Reuters: "Unemployment has risen less than the economic contraction originally suggested, with a flexible labour market allowing employers to reduce hours and wages rather than make redundancies."
He said these factors had helped maintain retail spending amidst the recession, which has been crucial in stopping many more retailers from going bust.
"However retailers can expect the worst of the recession to hit in 2010 when rising unemployment and structurally lower consumer credit will dampen prospects," Mr Nygate said.
(PR/BMcc)
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03 September 2001
Service sector optimism continues to drop
A survey by accountancy firm Deloitte and Touche, on behalf of the Confederation of British Industry (CBI), has shown that service sector profitability and optimism in the UK have fallen at their fastest rate in three years.
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10 August 2012
Minister Meets Businessman Benefitting From Empty Retail Premises Relief
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Minister Meets Businessman Benefitting From Empty Retail Premises Relief
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10 October 2013
Council Launches 'An Introduction To Retail'
Anyone planning a career in retail should sign up to Belfast City Council's new programme. 'An Introduction to Retail' is open to residents of the city who want to open their own independent retail business.
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12 October 2001
Package helps Irish companies to prepare for euro
As part of the Irish Government’s preparation for the impending changeover to the euro currency in January a special conversion package has been made available to retailers.
Package helps Irish companies to prepare for euro
As part of the Irish Government’s preparation for the impending changeover to the euro currency in January a special conversion package has been made available to retailers.
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