94% independent retailers urge government to ‘preserve UK high streets’
Posted on in Business News , Cycles News
A new report by Ankorstore and retail consultant Mary Portas has found that 94% of independent retailers want the government to act in next week’s budget to preserve the UK’s high streets.
A total of 97% of independent retailers believe the UK government has not provided enough support as costs increase, according to a new research report, The Future of Independent Retail.
Meanwhile, 74% are calling for the Energy Relief Scheme to be extended beyond March.
If the energy relief scheme isn’t extended, almost half of all independent retailers (42%) said they will either close or consider closing.
“We know there is hope for our local high streets post-Covid. Shoppers want to support them and almost half of retailers are positive about 2023,” Portas said. “But – and it’s a big but – the government has to support them.”
Almost half (43%) of independent retailers are hopeful for a successful 2023 and are expecting their revenues and profits to increase next year. Meanwhile, 21% are planning on further investment in the future, and 68% believe that 2023 will be the year of the “15-minute city” believing it to be the future of independent retail in Britain.
Portas added: “The closure of independent retailers would have huge consequences for the communities who depend on these shops – and the social infrastructure they provide. Because shops are about so much more than what is sold.”
With the chancellor set to make his financial statement on 17 November, retailers are united in their call for support.
Over half (55%) say the government should introduce a Covid-style VAT or business rate cut, while a further 53% believe the government should launch a loan scheme to enable independent retailers to tide themselves over during the current difficult periods.
Ankorstore UK general manager, Tarun Gidoomal said: “Retailers can survive and thrive beyond difficult times and often, crisis presents an opportunity to innovate.
“What is clear from our research is that the most successful independent retailers are embracing new technologies or doubling down on customer service.
“Consumers want to support independent retailers and I’m in no doubt that they will do that this winter.
“However, we know our retailers always need to have one eye on the future and the sector is still in need of government support to get them through this crisis, so they can grow their businesses in 2023 and continue to differentiate themselves from big box retailers.”