We've revealed insights into how traders are feeling about the future of retail, following a slump in Christmas and January sales.
Bira, who work with over 6,000 independent businesses of all sizes across the UK, conducted a Retail Sentiment Survey which was sent to members, and its results have been worrying.
The survey delved into how Christmas trade and January business performance was for 2023/2024 compared to the previous timeframe last year and also scoped for the confidence levels of retailers for the upcoming year.
Key findings of the survey included:
Christmas Trade Insights
57% of respondents reported that last Christmas was worse than Christmas in 2022.
January Business Performance
59% of those surveyed indicated that January 2024 has been worse than January 2023.
Confidence in the Year Ahead
Only 25% of respondents expressed confidence in the future, while a substantial 53% indicated a lack of confidence.
Shop owners cited various challenges, with one mentioning that "Black Friday Deals significantly affected Christmas sales." Another noted that it was the "Worst Christmas in 15 years based on historical data," revealing the struggles faced by independent retailers during the holiday season.
Retailers expressed concerns about the lackluster performance, with one owner sharing that on the Monday before Christmas, they only generated £30 in sales. Others described the month as "very flat, no atmosphere, and poor footfall."
Shop owners pointed to various factors contributing to their apprehension, including the "cost of living crisis" leading people to be more reserved in their spending.
Andrew Goodacre, CEO of Bira said: "These findings reveal concerning trends for independent retailers, reflecting the challenges they've navigated during the festive season and into the new year. At Bira, we are actively engaged in lobbying the government, using this valuable data to underscore the urgent need for measures that boost consumer confidence on our high streets. Our focus is on reinvigorating local spending and creating a vibrant retail landscape. As we eagerly anticipate the Spring Budget, which is just a few days away, we hope it brings forth initiatives that strengthen the backbone of our communities—the independent businesses that make our high streets unique."
Bira is at the forefront of championing the cause of independent traders and shopkeepers across Britain. With a dedicated focus on revitalising and preserving the high street, we relentlessly campaign on their behalf. Our advocacy takes our collective voice to the halls of Parliament and into discussions with key stakeholders, where we represent the interests of small and independent businesses.
Our campaigns cover a wide spectrum of issues crucial to the success of independent traders. From combatting the rising tide of retail crime to advocating for changes in legislation that promote fairness and flexibility, we aim to leave no stone unturned. Bira is a staunch advocate for fairer business rates and reducing the regulatory burden that can stifle small businesses' growth potential. Through our efforts, we strive to ensure that the heartbeat of our communities, the high street, continues to thrive and serve as a vibrant hub for local businesses.