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ACS Covid-19 Impact Survey Reveals How Stores Have Adapted Since Lockdown

27 May 2020

New findings from the Association of Convenience Stores have revealed the challenges faced by retailers and colleagues since the lockdown, and the changes that they have made in store to... Read more…

ActSmart raises hundreds of pounds so far for charity via it's free subscription!

27 May 2020

Since kicking off it's charity appeal bronze subscription on the 28thof April, ActSmart has since raised hundreds to support the National Emergencies Trust!
 
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GCA shows the power of cards during lock-down with emotional film

27 May 2020

Award winning artists, and Greeting Card Association (GCA) members, Lanther Black, have written and produced a film for the GCA illustratingthe joy of receiving a card
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Non-essential retailers to reopen as early as 15 June, government says

26 May 2020

Prime Minister Boris Johnson announced in yesterday's conference that non-essential retailers will be able to reopen stores in England from June 15 as long as social distancing measures are... Read more…

IRC launches ‘We are open' online directory to promote small shops and business still open

14 May 2020

Open shops and small businesses are urged to add themselves to the new ‘We are open' interactive map
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FCA seeks legal judgement to clarify whether insurers should pay CV-19 claims made by firms

14 May 2020

More than a million businesses forced to close during the coronavirus lockdown may know whether insurers will have to pay previously rejected business interruption claims in a matter of... Read more…

Free ActSmart subscription to help businesses through Covid-19

14 May 2020

ActSmart are offering three months of FREE access to to a range of services and support with the ActSmart bronze subscription in return for a small charitable donation
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250 free-of-charge digital Out of Home campaigns offered to local businesses

13 May 2020

Free Out of Home campaigns will help local entrepreneurs across the UK to highlight how they've adapted to continue trading in the current circumstances.
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Working safely during COVID-19 in shops and branches

13 May 2020

A summary of the specific guidance for shops on working safely
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How consumer behaviour has changed among the British public in the face of COVID-19

10 May 2020

Recent research undertaken by the Institute of Customer Service displays evidence that the British public now place higher value on customer service that they did before COVID-19
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The 5 fastest growing indie retail categories

Posted on in Business News, Cycles News

Recent research has been conducted by the Local Data Company to determine how the British high street is evolving with indie retailers at the helm.

Key findings of the research showed that barbers, beauty salons, vape stores, cafes and tearooms, along with restaurants and bars have been the fastest growing retail sectors in the UK during 2016 to 2018, as they consistently experienced the highest number of net store openings during these years.

To put this information into context, London-based financier 365 Business Finance has created Recovery Road - a virtual high street that demonstrates the changing face of the retail industry in the UK.

365 Business Finance aims to keep Britain's high street alive through supporting small to medium sized businesses and providing cash merchant advances to independent retailers, the company is now celebrating it's five year anniversary. 365 Business Finance have reviewed the figures regarding the five fastest growing retail categories in an attempt to explain why they have taken a foothold despite the difficult climate.

Recovery Road acts as an interactive guide, showing how British retail and the high street has the potential to evolve with independent businesses at the helm.

Key Recovery Road stats include:

● The number of clean shaven men has fallen almost 20% in the last five years, which might explain why barber shops have been the number one fastest growing category for all three years.

● The 31,107 beauty salons that currently operate in the UK have witnessed a 28% increase in salon openings since 2017. Additionally, Londoners spend an average of £470 per month compared to a national average of just over £96.

● Although vape stores have experienced a 35% decrease in the net number of units opened between 2017 and 2018, they were still the third fastest growing category in 2018. This comes at a time when 48% of people who use an e-cigarette say they do so as an aid to giving up in a declining world of adult smokers.

● Cafes and tearooms experienced a 46% increase in the number of net openings between 2016-2017 - the largest number of net openings in that year. This is concurrent with a wider trend over the last decade as the number of coffee shops has increased by 140%. Research shows that 24-35 year olds are the biggest growing consumer demographic among tea drinkers.

● Despite high-profile appearances in the media, restaurants and bars were the fourth fastest growing retail category in 2018. Independent restaurants make up 68% of sales out of the £89.5 billion dining out market. Demand for finance by restaurants has also increased by 100% so far in 2019.

After showing the fastest growing categories, the Recovery Road timeline walks you through the British high street from 2008 to 2018, detailing the appearance and disappearance of some well-known retail stores.

The below graph clearly demonstrates the top five fastest growing retail categories between 2016 to 2018:

 

For more information about 365 Business Finance and Recovery Road visit their website here.

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