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What's been happening in your industry this week? Volume 10

Phew! The busiest month of the year is finally over. However, the hard work doesn’t stop there! At WOWPOS, we understand that February will be a pivotal month for you as you will have a wide range of responsibilities to fulfil. Too busy to read the news? Don’t worry, this newsletter will provide you with a brief summary of the week’s biggest stories within the retail and hospitality sector.

What's been happening in your industry this week? Volume 10

Retail

https://www.retailgazette.co.uk/blog/2017/01/brexit-fallout-begins-to-hit-consumer-confidence

Have your customers stopped spending money? The consequences of Brexit have started to impact consumer confidence as consumer confidence has decreased during the last quarter of 2016. Consumer confidence fell to minus 6 in the last quarter compared to minus 5 in the third quarter. The spending on essentials rose from 5 percent to 12 percent and discretionary spending increased from -2 to 0 percent. However, the confidence in disposable income fell from -12 percent to -14 percent. This shows that customers are saving their money and are limiting their spending. The decreasing confidence about disposable income may be a sign that household incomes are beginning to fall. Even though the value of the pound has significantly decreased, retailers have prevented their prices from rising substantially. Have you had to increase your prices?

https://www.retailgazette.co.uk/blog/2017/02/number-of-retail-crimes-hits-3-dot-6-million-as-staff-abuse-skyrockets

Is there crime in your store? During the last year, retail crime has increased substantially. The number of online fraud and shop worker abuse incidents have dramatically risen which has cost £660 million. The number of incidents of abuse and violence has increased by 40 percent during the last year. Between 2015 and 2016, there have been 51 incidents of violence and abuse against staff per 1000 employees. This suggests that the existing laws and punishment are not enough to deter criminals. Is your online store secure? The threat of cybercrime is rising as 53% of fraud crimes in retail occur online. Retailers lose £100 million to fraud every year. As a retailer, it is important to ensure that you make a significant effort to ensure that your staff and customers are protected.

https://www.retailgazette.co.uk/blog/2017/01/the-government-could-introduce-a-business-rates-self-assessment-scheme

Have your business rates increased? The controversial change in business rates has caused a substantial amount of turmoil in the retail industry. However, there may be an unexpected turn in events as the government are looking to implement a self-assessment option. This will allow business owners to find out what their business rate is depending on their activities and will reduce the number of appeals that are made by business owners. The government has approached some of the country’s biggest accountancy firms to discuss how a self-assessment method would be possible. A self-assessment scheme would dramatically help the Valuation Agency Office as the number of appeals would substantially fall. There is currently a back log of 300,000 appeals. The aim of the self-assessment scheme is to ensure that businesses receive revaluations of their business rates regularly. The new rates which are expected to be introduced in April have caused concern within the retail industry.  Do you know what your business rate is?

Hospitality

http://www.bighospitality.co.uk/Trends-Reports/Personalised-welcome-key-to-customer-restaurant-experience-report

Do you add a personal touch to your customer’s experience? As a restaurateur, it is important to understand that a personalised experience is key to how much guests enjoy eating at your restaurant. 83% of diners stated that the welcome they receive when they enter a restaurant is one of the most important factors. This shows that if you don’t customise your customer’s experience, you will struggle to receive regular visits from your customers. 44% of consumers stated that personalised interaction is a key factor to the quality of the customer’s experience. In order to increase the loyalty of your customers, you should ensure your staff make conversation with your customers. Your employees should also be willing to go beyond their job role to satisfy your customer’s needs. 42 percent of diners said that they would feel unwelcome when visiting a restaurant if they were greeted without a smile or a lack of eye contact. 24% of consumers who are over the age of 55 said that they would feel unwelcome if they were provided with a generic greeting. This proves that without a personal touch to your customer’s experience, you will struggle to attract customers and will receive a limited number of repeat purchases. How do you customise your diner’s experience?

http://www.bighospitality.co.uk/Trends-Reports/BHA-Uncertain-times-mean-UK-hospitality-must-be-competitive

Is your restaurant competitive? Due to the uncertainty of the political and economic events which are occurring, the BHA have warned hospitality businesses that they will have to increase their competitiveness in order to continue to generate profit. The BHA have stated that the hospitality industry cannot rely on the fluctuating rates of inbound visitors as this is not a sustainable strategy. The number of holiday visitors arriving in the UK has risen by 32.4% in November 2016 compared to last year. This shows that it will be crucial for restaurants to be able to attract customers in order to generate a larger number of sales. As a restaurateur, it is important to realise that the spending of oversea visitors has increased by 14.1% which gives you an opportunity to increase the sales of your restaurant. How does your restaurant stand out?

http://www.bighospitality.co.uk/Venues/Top-10-hospitality-openings-January-2017/(page)/1

 Do you have a substantial amount of competition? January is a pivotal month for restaurants and it will be vital for you to be able to differentiate your menu from your competitor’s menu. Even though January is a tough month financially, this has not stopped restaurateurs from opening a substantial number of new restaurants. Here are some of the biggest new openings during January which may compete with your restaurant. Are you located in London? Highly established chef Anne-Sophie Pic has opened her first UK restaurant in the Four Seasons Hotel. The restaurant has been designed by Parisian architects and has the ambiance of a French brasserie with a classic English touch. Events company Camm and Hooper have opened their fifth venue under the name of Six Storeys. The six-storey venue is located in Soho Square and includes a lobby bar and an authentic French bar on the ground floor. On the second floor, they have a restaurant called The Lounge and lure customers in for a drink after their meal with a spirit’s bar on the third floor. Urban Leisure Group is bringing the seventies back into style with a new Bobby Fitzpatrick restaurant in West Hampstead. The seventies themed restaurant will provide customers with the popular tastes of the seventies including rum, cocktail and pizza. Will you be able to compete with these restaurants?

Will February be a successful month for you?

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