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Retail businesses hit record low last year 20/05/2010 Business failures in the retail sector last year hit record levels, not seen since the early-90s recession, according to the latest Industry Watch report by accountants and business advisors, BDO LLP and the Centre for Economics and Business Research (CEBR). Rising unemployment and low consumer confidence that further suppressed high street spending, meant around 3,600 retail businesses went to the wall in 2009. Don Williams, head of retail at BDO LLP, said: "Failures were depressingly high in 2009, but they have hit their peak and the good news is that we will finally see a fall in 2010." The BDO figures indicate that retail business failures will decrease by 8% year-on-year in 2010. This is significantly slower than the 14% decline in business failures expected for the economy as a whole as retailers face headwinds from rising inflation, increasing mortgage costs and low earnings growth. |
Social networks now more popular than search engines in the UK 20 Shop price inflation slows in May 09 Economic recovery will be protracted says CBI 12 Disloyal customers shop at five different supermarket chains - and loyalty cards not a main driver Consumer confidence hit as ASDA Income Tracker falls for fifth month in a row Quality over quantity drives grocery market ahead of inflation One in fourteen retailers set to slash jobs after VAT hike.24 Retail businesses hit record low last year 20 Shopping behaviour has 'fundamentally changed' due to recession 06 Internet shopping from mobiles set to double 07 BRC:Warm weather boosts May retail sales 06 High Street suffers from surprise fall in sales volumes 08 Iceland reports record results Social networks now more popular than search engines in the UK | ||||||||||||||
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