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Independent retailers face Fresh challenges as UK inflation climbs to 3.8%

20 Aug 2025

ACT parent company Bira has expressed serious concern following today's announcement that UK inflation rose to 3.8% in July, higher than the expected 3.7% and marking the tenth consecutive month... Read more…

Bike industry continues to face challenges as profits and forecasts falter at Giant, Canyon and Shim

14 Aug 2025

The global bike industry remains under pressure as Shimano, Giant and Canyon all report weaker profits and subdued outlooks for 2025.
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ACT to join industry leaders at brand new cycling trade event this September

13 Aug 2025

The ACT is set to be in attendance at the inaugural Cycling Industry News Live (CIN Live) trade show, which is set to bring together industry-wide education, market insight and product showcases... Read more…

Independent retail crisis deepens as nearly half see sales plummet compared to last year

12 Aug 2025

Britain's high street crisis has deepened dramatically with nearly half of independent retailers, including many in the independent cycling retail sector, reporting sales have crashed compared... Read more…

Independent retailers slam £5.9bn "de minimis" import loophole as Government delays action

11 Aug 2025

ACT parent company Bira has condemned the Government's inaction over the "de minimis" import loophole following a Sky News investigation revealing £5.9 billion worth of cheap imports... Read more…

Criminals undermining legitimate retailers as trading standards collapse

7 Aug 2025

Bira has warned that criminals are undermining legitimate retailers as trading standards services collapse, following a new Which? investigation.
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ACT welcomes Government's new product safety laws

23 Jul 2025

A leading cycle traders association has backed the government's move to protect consumers from dangerous products sold through online marketplaces, following Royal Assent of the Product... Read more…

Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
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Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

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Independent Retailers Association Survey Shows Challenging Q1 for Traders

Posted on in Business News

Many independent retailers across the UK faced a difficult start to 2024 according to a new survey by Bira, the British Independent Retailers Association and the Association of Cycle Traders (ACT)

The associations' first Heartbeat survey asked members about their trading performance in the first quarter of 2024 (January to March) compared to the previous quarter (Q4 2023) and the same period in 2023.

It also gauged confidence levels for Q2 2024 and the full year, as well as the impact of the national minimum wage (NMW) increase in April.

Bira, which works with over 6,000 independent businesses of all sizes across the UK, found that 46.5% of respondents said their Q1 2024 trading was somewhat or much worse than Q4 2023. However, over a third (35.6%) reported somewhat or much better performance versus the previous quarter.

Year-on-year, the picture was more mixed, with 35% saying Q1 2024 was somewhat or much better than Q1 2023, but 46% reporting somewhat or much worse results compared to the same period last year.

Looking ahead, confidence for Q2 2024 is relatively low, with 42.6% feeling somewhat or highly unconfident about April to June. Just 27.8% are somewhat or highly confident, while 29.7% are neutral.

Andrew Goodacre, CEO of Bira, said: "These findings highlight the challenges facing many of our independent retail members as they navigate rising costs and economic pressures. The increase to the national minimum wage in April has been a further strain, with over a third saying it has negatively impacted their business.

"Additionally, nearly a quarter have been forced to reduce staff hours or headcount as a result of the higher wage floor. However, we were encouraged that over a third of members still managed to grow their sales in Q1 2024 versus the previous year, but margins have been squeezed due to increased business costs and wage increases.

"With confidence for Q2 and the full year remaining subdued, we will continue supporting our members through these tough trading conditions. Nurturing vibrant independent retail communities is vital for strengthening local economies across Britain," he added.

The survey data also indicated that 32.4% of respondents had experienced higher-paid staff asking for pay rises following the NMW increase, while 19.6% do not employ anyone on the minimum wage.

Mr Goodacre added that with the General Election now being called for July 4, will make for an interesting few months ahead for traders across the country, but has called for all parties to have the high street focus in mind when looking at their plans for change in 2024.

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