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1 May 2024

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

29 Apr 2024

A Peterborough store stocking products solely from local entrepreneurs said it is bucking the High Street trend and looking to expand due to its success.

29 Apr 2024

BIRA is giving independent businesses across the UK a powerful new resource with the launch of its “High Street Matters” podcast.

29 Apr 2024

The Guardian has reported independent shopkeepers saying prices they pay at Tesco’s cash-and-carry arm Booker are often higher than in Tesco’s stores.

18 Apr 2024

Independent record stores around the country are preparing to celebrate all things vinyl for this year’s Record Store Day on Saturday April 20th. 

18 Apr 2024

BIRA, the British Independent Retailers Association, has announced its partnership with this year’s SME National Business Awards., joining the 2024 awards as a leading sponsor, backing...

18 Apr 2024

A Midlands fish and chip shop is celebrating 40 years in business and offering half-price chips to mark the milestone.

18 Apr 2024

Assaulting a shop worker is to be made a separate criminal offence in England and Wales as part of a government response to a wave of retail crime. 

18 Apr 2024

Eleven new businesses that have opened in the last year in the historic arcades of Cardiff city centre’s Morgan Quarter, made up of the Morgan and Royal arcades, have helped the arcades...

15 Apr 2024

The Rediscovery Centre, the National Centre for the Circular Economy in Ireland, today announced its partnership with Cytech, the internationally recognised training and accreditation scheme for...

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Cost of living crisis forcing Britons to shun local for big brands

Posted on in Business News , Cycles News , Creative News, Outdoor News

National media has reported that most Britons say that the cost-of-living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.

In research commissioned by Santander UK, eight in ten claim the rising cost of living is forcing them to shop with big brands and national retailers to get the cheapest possible prices, even though many would prefer to shop local.

Shopping

Just 21% of those surveyed said they like to support small, local shops due to better customer service, distinctive products and a sense of community.

Meanwhile, a disturbing 80% of SMEs said they were struggling to compete with lower prices offered by national brands, while 72% said they were losing customers over it.

As the cost-of-living crisis deepens, 73 % felt that the current economic climate makes it harder for them to compete. More than two thirds of small shops admitted that spiralling inflation had forced them to raise prices.

This has also hurt their customer base, with 42% of individuals saying that soaring bills and mortgage rates have already forced them to look for the cheapest available options.

This comes after a relative boom for local shop owners, which saw 67% of SMEs receive an influx of customers during the pandemic, dissipated.

More than half of consumers said that they had tried harder to support smaller retailers between March 2020 and 2022. Those numbers have fallen this year as a quarter of shoppers have scaled back their local spending due to rising costs, despite 47% enjoying the friendliness of local outlets.

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