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Study reveals Apple Pay and contactless payments have overtaken cash payments as favourite ways to pay in-store.

8 Feb 2024

New research reveals that Apple Pay and contactless payments have overtaken cash payments by a landslide as our favourite ways to pay in-store.
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Fed expresses alarm at ‘runaway’ shoplifting incidents.

5 Feb 2024

The Federation of Independent Retailers (the Fed) has expressed alarm at new figures that show shoplifting at its highest level in 20 years.
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Hunstanton deli launches new West Norfolk food and drink festival.

5 Feb 2024

A brand-new festival is being launched next month is “all about community and breathing life into the High Street”, according to Mark Kacary, managing director of The Norfolk Deli in... Read more…

Retailers react to disposable vape ban.

5 Feb 2024

The retail sector has been responding to government plans to ban disposable vapes as part of plans to tackle the rise in youth vaping.
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UK’s indie food retailers to be recognised in the Farm Shop and Deli Retailer Awards 2024.

23 Jan 2024

Bakers, butchers, cheesemongers, delicatessens, fishmongers, greengrocers, village stores and small farm shops from around the UK have been shortlisted in the Farm Shop and Deli Retailer Awards... Read more…

How Independent Retailers Can Stand Out in A Crowded Market

23 Jan 2024

An interesting article has appeared in Forbes reflecting many of the issues that Indie Retail & ActSmart members will be experiencing – the challenges and... Read more…

Eight in Ten Small Businesses Taking Positive Steps to Strengthen Their Enterprises in 2024

22 Jan 2024

Eight in ten small business owners (81%) are planning to develop their companies in 2024, according to new research from Novuna Business Finance. The research shows that over a third (33%) are... Read more…

The Times names 12 of the UK’s best independent bookshops — as chosen by its readers.

22 Jan 2024

The Times has named 12 of the UK’s best independent bookshops — as chosen by its readers. Readers highlighted places that combined books with a friendly and welcoming atmosphere.... Read more…

Bira Launches Second Annual Campaign for Valentine's Day - #LoveYourHighStreet

22 Jan 2024

The British Independent Retailers Association is championing the high street again this Valentine's Day for the second consecutive year with its #LoveYourHighStreet campaign.
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Family-run shop in Lanarkshire village scoops community retailer award for second year running.

10 Jan 2024

Nads Store, a family-run shop in Law, Lanarkshire, has been named Community Retailer of the Year at the Scottish Asian and Business Awards ceremony for the second year running.
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New research shows UK retail sector powered by entrepreneurs and start-ups

Posted on in Business News

While mass-market players continue to dominate the UK retail industry, research by Geek Retreat shows that 15% of Brits have set up their own business in the past ten years, and of these, 44% have done so since 2020.

Business premisis

Retail was the most popular sector for start-ups, with 19% of the 1060 surveyed UK consumers owning an independent business.

The findings also show that more women (52%) have started their own business in the past three years, compared to men (30%).

The top three drivers for making the decision to go it alone were to earn more money (43%), people wanting to be their own boss (41%) and needing greater flexibility (35%) which respondents stated they believed was achievable through running their own business.

The entrepreneurial spirit has also gripped teenagers in the US, with 14% expressing an interest in starting their own retail shop.

Whilst over two thirds (68%) said that they run the business on their own, 19% said they had an equal partner and 13% said they had set up with members of the family.

However, when it comes to exit strategies, plans are somewhat lacking. Over one third (37%) said they hadn’t thought about what they will do with the business when they retire, 23% said they would close it down and 18% said they would pass it on to a family member.

The next few years will prove crucial for small retailers as the market conditions set by the pandemic become increasingly distant and the UK continues to grapple with inflation.

 

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