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What’s been happening in your industry this week? Volume 8

Have you been busy this week? At WOWPOS, we understand that January is a crucial time for businesses and you are probably rushed off your feet. You won’t have time to sit down and read the news so we keep you updated with a brief summary of the week’s biggest stories in your industry.

What’s been happening in your industry this week? Volume 8

Retail

https://www.retailgazette.co.uk/blog/2017/01/online-retail-sales-smashes-records-in-2016

Do you have an online store? 2016 was the year of online retail as consumers spent £133 billion online during the course of the year. This was an increase of £18 billion from 2015 which shows that the popularity of online retail has significantly increased. The online sales increased by 16% which exceeded the expected increase of 11%. However, it looks like online retail is not going to slow down as it is forecasted for online sales to increase by a further 14%. This proves that if you do not have an online store, you will be severely limiting your retailer’s sales. The rise of mobile retail continues as sales generated by smartphones increased by 47% from 2015. Smartphones contributed for 54% of the mobile device sales in December. However, sales on tablets have decreased by 3% from 2015. The accessories and lingerie sector experienced the biggest increase in online sales during 2016 as accessories increased by 38% and lingerie increased by 33%. Is it time for you to sell online?

https://www.retailgazette.co.uk/blog/2017/01/business-rates-more-off-putting-the-brexit-for-international-retailers

A wide population of the retail sector have blamed Brexit for deterring international retailers from locating to the UK. However, they have been mistaken. Reports show that the complicated business rates system is the biggest deterrent for international businesses to expand into the UK. The majority of 130 established retailers stated business rates were the main reason for them not locating to the UK. This shows that the increasing business rates are preventing the UK from attracting established retailers. The business rates are affecting the whole of the UK economy as if all 130 retailers located to the UK, there would be 75,000 new jobs and an extra £11.9 billion in rent generated. Established retailers Revo and Intu are meeting with MPs to encourage the government to make changes to the law. Do you think the business rates need to be changed?

https://www.retailgazette.co.uk/blog/2017/01/inflation-hits-highest-level-in-since-2014

Has your prices increased? Inflation exceeded expectations in December as the weakened pound continues to increase the prices of products. Inflation in December was the highest since July 2014 as inflation reached 1.6%. Food prices were the biggest contributor to the increase in inflation. It was predicted that inflation in December would experience an increase of 0.2% from 1.2% in November. This proves retailers were not prepared for the 0.4% rise in inflation. The increase in costs of raw materials contributed to the rise of inflation as the price of raw materials increased by 2.7%. Are you prepared for the rise of inflation?

Hospitality

http://www.bighospitality.co.uk/Business/Chain-restaurants-and-pubs-given-festive-uplift

Was Christmas a merry time for your restaurant?  As a restaurateur, Christmas will be a busy period for your restaurant as you will receive a higher traffic of customers. This is because customers will not be saving money during the festive season so will want to eat out as they will have a larger budget. It seems that customers had more festive joy than usual as overall restaurant sales increased by 2% from Christmas in 2015. This is a 0.2% increase from 2015’s growth of 1.8%. This proves that despite Brexit, the public are still willing to spend money in restaurants if they are provided with sufficient deals. As a restaurateur, it is recommended to offer festive deals to your customers as this will encourage them to visit your restaurant which will increase your sales. The increase in customer spending had the biggest impact on London’s restaurants as their sales recorded the biggest growth with an increase of 5.1%. Is London the right location for you?

http://www.bighospitality.co.uk/Business/Casual-Dining-Group-creates-two-new-brands-for-Jersey-Airport

Should you create a new brand? Due to the Casual Dining Group being contracted to run all food and beverage establishments at Jersey Airport, they decided to create two new brands. CDG will invest £1 million in 5 establishments at the airport. CDG have the opportunity to attract a substantial number of customers as Jersey Airport generates 1.5 million passengers on an annual basis. That’s a lot of empty stomachs  to feed! The 5 establishments will include 3 Rapide Kitchens and 2 of the new forty-five brands. This is part of CDG’s plans to increase their concession presence in airports. They currently have five restaurants in London Heathrow, one restaurant in Inverness and are set to open two restaurants in Luton airport at the beginning of this year. Should you open restaurants in airports?

http://www.bighospitality.co.uk/Business/Established-brands-pressure-restaurant-property-prices-grow-14

Has your restaurant’s rent increased? Prices for restaurant sites have increased by 14%. This shows that if you are looking to open another restaurant, you will have to invest a substantial amount of money in securing an establishment. The whole hospitality industry has been affected by the rise in property prices as hotel property prices have increased by 6% and pub property prices has increased by 4.4%. The restaurant industry has been significantly affected by the rising property prices compared to the retail industry as they experienced an 8.8% increase in property prices. As a restaurateur, it is recommended for you to increase your footfall by creating unique offers and creating a strong presence on social media. This will give you the opportunity to increase your sales and profit which will cover the increased amount of rent you will have to pay. The increased property prices will limit the number of restaurants which are opening.

Will this week’s news impact you?

 

 

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