Retailers hope warm weather and bank holidays will boost high street sales
Posted on in Business News , Cycles News
Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
Bira has said that recent data showing increased consumer spending in April offers encouragement, but warns that rising business costs continue to challenge independent shops.
Andrew Goodacre, CEO of Bira, said: "Independent retailers across the country are hopeful that this warm weather and the recent bank holiday spending boost will help our high streets. However, we must emphasise that any increase in sales will be swallowed up by the relentless rise in business costs that our members continue to face."
Recent figures from Barclays and the British Retail Consortium (BRC) showed consumer spending grew by 4.5% in April compared with the same period last year, with spending in physical shops increasing by 6.9% after a 1.9% decline in March.
Whilst the recent interest rate cut by the Bank of England to 4.25% and the newly announced trade agreement between the UK and US may provide additional economic momentum, Bira remains cautious about the ongoing challenges facing independent retailers.
Bira continues to champion the cause of independent traders and shopkeepers, focusing on revitalising high streets whilst campaigning on crucial issues such as retail crime, business rates, and legislation.