UK Retail Sales Shows Signs of Growth

Published on : Wednesday, November 20, 2013

British retail ConsortiumThe British Retail Consortium (BRC) released encouraging figures from its October 2013 Retail Sales Monitor, showing a growth of 0.8% in like-for-like UK retail sales from this time last year and a rise of 2.6percent in total retail sales from October 2012. Much of the improvement, according to Helen Dickson, BRC Director General, came thanks to a strong consumer interest in textiles and accessories for the home. Interestingly, clothing sales dropped last month for the first time since March, “suggesting that many customers prioritised leisure and home improvements over refreshing their wardrobes,” Dickson said.

 

The Guardian also reported recently that, thanks to a revival in the property market, demand for furniture and household goods was surging. Considering also the BBC’s report last week following a monitor by the ICAEW, which found that the UK is the fastest growing economy in the West – with an estimated economic growth of 1.3 percent in the last quarter of 2013, and a growth of 2.4percent forecast in 2014 – the outlook for doing business in the UK is increasingly positive.

 

These snippets of glad tidings bode well for an interiors retail industry that has faced immense challenges since 2008. As consumer confidence grows and customers’ pockets deepen, it would seem that there is no better time for both small and large retailers to take advantage of the growing demand for household goods. “In an age of economic uncertainty, the research shows that home really is where the heart is,” said last year’s Kingfisher European Home Report, reinforcing the notion that homeowners are prioritising spending money on improving their living spaces.

 

Of course, this growing consumer demand takes place in a retail landscape that is constantly changing and challenging retailers, from department stores to independents. A significant amount of retail sales are now being made online, and much has been made of the demise of the physical store and the death of the high street. But with these challenges also come opportunities. In a recent story for The Guardian, Tim Lewis – founder of independent retail initiative MyHigh.St – quoted a report entitled A Nation of Shopkeepers which found that “70% of people are scared of losing the high street and want to see them thrive, despite years of gloom about their demise.” Lewis and his team encourage high streets to embrace the world of online to bring attention to their products through a dedicated online network, whilst reaffirming their physical retail spaces as destinations for local shopping communities. Elsewhere, designers like Anshu Srivastava of MRA Architecture and Lynda Murray of visual merchandising design firm International Visual are showing large and small retailers the power of good store design, strong branding and a unique in-store experience. Retailers who embrace change, assert their presence and provide a solid and diverse offering to their customers are the ones best placed to ride the crest and profit from the UK’s retail comeback.

 

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