BRC news and archive

Retail vacancy rates stagnate amid rising costs

The increasing costs associated with running standalone stores are deterring retailers from investing in the UK's high street. These costs include rent, business rates, and utilities, which have been on the rise in recent years. As a result, retailers are exploring other avenues such as online sales and pop-up stores, which offer more...

RetailFeatured

Spring Budget a ‘missed opportunity’ for businesses, say retail bodies

British retail bodies say the government has missed a key opportunity to offer more support for businesses with its Spring Budget, as there were no changes to VAT-free shopping, Sunday shopping hours, or business rates. UK chancellor Jeremy Hunt revealed his Budget in the House of Commons on Wednesday, which included various measures to support...

Retail

Retail vacancies saw marginal decrease towards end of 2022

New figures from the British Retail Consortium (BRC) found that the UK’s retail vacancy rate saw a slight improvement compared to that of the previous year. In the fourth quarter of 2022, vacancies improved to 13.8 percent, 0.1 percentage points up from Q3 and 0.6 up compared to the same period in 2021. All locations were reported to have seen...

Retail

UK retail sales fall in December, but fashion sales rise

The volume of retail sales in the UK dropped in December during the important Christmas trading period, but fashion sales increased slightly. Retail sales volumes are estimated to have dropped 1 percent last month following a drop of 0.5 percent in November, according to the latest figures from the Office for National Statistics (ONS). On a...

Retail

Christmas footfall highest since beginning of pandemic, according to BRC

Despite a shift in consumer confidence and their move towards essentials amid a cost-of-living crisis triggered by record inflation, footfall during the peak Christmas period was reportedly the highest since the beginning of the pandemic. According to the British Retail Consortium’s Sensormatic IQ data, total UK footfall for 2022 still fell 11.8...

RetailFeatured

2023 retail sales growth to be low according to BRC

In the midst of a cost-of-living crisis, record-breaking inflation and supply chain issues, the UK retail industry has been up against a challenging market and it seems in the new year it may not vastly improve. According to a new study by the British Retail Consortium (BRC), retail sales are only set to grow between 2.3 to 3.5 percent in 2023,...

Retail

Card payments soared to 90 percent of retail payments in 2021

The pandemic changed the way consumers pay, with card use accounting for 90 percent of all retail payments in 2021, as the public was advised to use contactless payments. The British Retail Consortium’s (BRC) latest annual Payments Survey reveals that cash usage fell to just 15 percent of all transactions in 2021, down from 30 percent in 2020....

BusinessFeatured

‘Tax grab’ or ‘fairer’ commitments: Retail responds to chancellor’s autumn budget

Conservative chancellor Jeremy Hunt announced his Autumn Statement yesterday, prioritising “stability, growth and public services” through tax rises and spending cuts in a bid to tackle cost-of-living and inflation. Speaking to MPs in the House of Commons, Hunt said the budget had involved “difficult decisions” after announcing the UK was...

RetailFeatured

5 Ways to reach consumers in the lead up to Christmas

While rising inflation has put increasing pressure on consumers’ budgets, there are still ways in which retailers and brands can make use of various opportunities the upcoming peak shopping period presents. The British Retail Consortium (BRC) has merged its own research with Google and Trinity McQueen’s annual ‘Path to Peak’ 2022 report to...

Retail

UK shop prices hit record high in October amid cost of living crisis

Shop prices in the UK hit a record high last month amid rising commodity and energy prices and a tight labour market. Shop price inflation increased to 6.6 percent in October from 5.7 percent in September, according to the BRC-Nielsen Shop Price Index. It marks the highest rate on record since the index was launched in 2005. Non-Food inflation...

RetailFeatured

UK store vacancy rates drop, but rising costs put retailers at risk

A new report by the British Retail Consortium (BRC) has found that overall UK store vacancy rates had decreased to 13.9 percent in Q3, however it warned that rising business costs could put retailers at risk. In its report, the organisation said for this quarter there was a 0.1 percent improvement compared to the last, as Great Britain begins to...

BusinessFeatured

UK retail and luxury sectors urge new PM for more business support

The UK’s luxury and retail sectors have called on the new prime minister Rishi Sunak to offer more support for businesses amid rising inflation. Helen Dickinson, the chief executive of the British Retail Consortium (BRC), congratulated Sunak on his new role, adding that he takes on the job in “one of the most challenging economic periods...