Martin Hamilton looks back at a selection of the key retail sector stories that have hit the headlines and how your retail business could benefit.
This quarter’s news has been dominated by the fallout from the UK’s decision to Brexit from the European Union. Although the long term impact on the retail sector is still to be seen, in the short term overall summertime sales have been resilient; bolstered by the good weather.
So while Selfridges opened their Christmas store five months early (that’s 145 days before Christmas!), the Menzies Retail Team has been exploring some of the other items of interest for UK retailers to be taking note of.
Is your product range diverse enough?
A prime example of diversifying your product range to increase sales. Such a move for Greggs will also increase the perception of their business and assist with gaining an increased market share.
So, is your product range diverse enough? Do you carry our regular reviews to ensure that you maintain or even improve your market share?
Have you hedged your currency?
Do you import your products into the UK, if so have you hedged your currency rates?
Retailers who import their products into the UK should consider planning for the Sterling rate remaining low and try to hedge their currency rates or be prepared to increase prices to minimise any reduction in profits.
Are you making the most of smartphone retail?
Are you capitalising on the benefits that smartphones are offering to the retail industry?
Consumers are constantly purchasing goods from their smart phones and you need to ensure you are embracing this tech. Mobile technology enables your business to be open 24/7 selling to consumers no matter where they are.
PROVEN RETAIL SECTOR ADVICE & SERVICE EXPERIENCE
As Harry Selfridge once said: “People will sit up and take notice of you if you take notice of what makes them sit up and take notice.”
Never has this customer-centric advice been more apt than in today’s fast-moving retail world. UK retail sales totalled £321 billion recently and whilst the sector is generally thriving, consumers are demanding greater variety, an enhanced experience, easier access, improved payment and faster delivery.
We advise retail, wholesale and online retailers, as well as sector-dependent clients. We work closely to find solutions to industry issues, utilising our expertise in everything from business strategy and corporate finance, to audit and tax advice.