More than half of independent retailers have considered closing down, with reduced customer spending and footfall and online competition considered the largest threats faced by the sector.
Reduced spending was highlighted by almost two-thirds of retailers (63.4%) and online rivals by more than half (57.4%), according to a survey of more than 250 retailers for Spring & Autumn Fair/SaveTheHighStreet.org.
Some 39% cited rising wage and employment costs, rising rent and property costs (21.1%), high business rates (14.7%) and a lack of sufficient funding for high street regeneration (22.7%).
The overwhelming majority of retailers surveyed operate one store (89%) and employ fewer than five members of staff (86%). 84% said they didn’t believe the UK Government was doing enough to support the sector. The most common request to government was increased grants or funding for small businesses (39%), followed by a freeze or reduction in business rates (26.7%). Retailers also wanted local improvements: better high street infrastructure (49.4%); more community-focused events to drive footfall (49.8%); affordable parking (46.6%), and stronger marketing support (76.9%).
‘These findings reveal just how critical it is to remove the barriers holding small retailers back. Through smarter support, local partnerships, and focused innovation, we can level the playing field and ensure independent businesses thrive in a changing world,’ says Alex Schlagman, SaveTheHighStreet.org founding partner.
