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Election 2024: what does the indie retail sector want from the next government?

28 May 2024

With a general election just weeks away, Andrew Goodacre, CEO of the British Independent Retailers Association (Bira) has placed “reducing the cost of doing business” high on his... Read more…

Newcastle shop owner creates map to showcase area's independent businesses

28 May 2024

An indie shop owner in Ouseburn, Newcastle has created a map to showcase the area's independent businesses.
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Indie retailers urged to battle 2025 duty change

28 May 2024

The Wine and Spirit Trade Association (WSTA) is calling on independent retailers to keep writing to their MPs to highlight the impact of the upcoming February 2025 duty change.
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Retail industry key recruiter of people from under-utilised sections of society

15 May 2024

A new report released on behalf of the Retail Sector Council has outlined the work that the industry is doing to create more career opportunities for people that would otherwise be... Read more…

Teacher and ice-cream store manager move from Australia to take over Halifax indie bookshop.

14 May 2024

A family of booklovers are moving from Australia to become the new owners of an independent bookshop in Halifax.
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Global Payments Report says consumer choice not just influencing but dictating the future of commerce.

14 May 2024

Worldpay’s 2024 Global Payments Report has revealed a transformative shift where consumer choice is not just influencing but dictating the future of commerce.
Read more…

Competition and Markets Authority says grocers need to prioritise accurate pricing.

13 May 2024

The Competition and Markets Authority (CMA) has called on grocers to prioritise accurate pricing following a review of the way in-store prices are displayed.
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Leicester indie retailers defend ‘special’ city centre after M&S announces closure.

13 May 2024

Independent businesses in Leicester have praised the “uniqueness” of the city and its "vibrant" atmosphere after the news that M&S was set to close drew a... Read more…

Independent shops better than big retailers at surviving COVID in the UK

1 May 2024

Small shops have been more "agile" at fighting COVID sale slumps than chain stores, according to a new report.
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Bike shops and cyclists alike urged to gear up to take advantage of Local Bike Shop Day 2024

30 Apr 2024

The UK’s estimated 7.6 million cyclists are being urged to get on their bikes on Saturday May 4th and head down to their local independent bike shop, as many prepare special activities to... Read more…

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Independent shops better than big retailers at surviving COVID in the UK

Posted on in Business News

Small shops have been more "agile" at fighting COVID sale slumps than chain stores, according to a new report.

Barista

While independent firms suffered a net decline of 1,833 shops in the first half of 2020, chain stores lost a staggering 6,001 units following the first UK lockdown. Overall shop vacancies increased at the fastest rate since records began in 2013, reaching 13%, according to research by the Local Data Company (LDA).

But the closure trend has seen independent businesses more resilient than larger retailers. Independent shops lost 0.54% of occupied units compared with the 2.77% lost by chains.

Government support initiatives such as furlough, business rate relief and suspension of tenant evictions helped independents weather the pandemic storm. They were also faster to adapt than chain operators, quickly switching to takeaway food and drink services and online selling.

By comparison many high street chains such as Victoria's Secrets, Cath Kidston, Debenhams and Harvey’s furniture have collapsed into administration this year with the closure of thousands of stores.

LDA surveyed every high street, retail park and shopping centre for the report, including more than 400,000 independent stores, between January and August 2020.

Their data reveals some 20,019 closures of independent shops and 18,186 openings compared with 11,120 chain-store closures and just 5,119 openings. The UK has seen a net decrease of 7,834 shops with the largest proportion amongst chain retailers.

Independent service retail was the only sector to experience net growth with a slight 0.1% increase compared to a 1.9% decrease in service units run by large retailers.

Lucy Stainton, head of LDC retail and strategic partnerships said: "The independent market has seemingly fared better as these businesses have been able to be more agile, bringing in new products lines and offering food deliveries; have a smaller cost base to cover during periods of little or no trade and have been able to take advantage of government support schemes."

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