Hi Brian here again. Well we are now ONE MONTH into 2021. WOW! What now for you? Are you prepared to continue bumbling along, or have you mastered your master plan to take on your business?
What’s been Happening?
Here in East Anglia, like the rest of the UK, not a lot has happened. Remember last time we went into Tier 4 along with South East of the UK? now the whole country is in Lockdown 3.0. AND, we don’t know when it will end.
The need to pay the bills is critical, hence the concentration on trying to get another job, no success at the moment. This has resulted in not getting much done to the projects, just keeping things ticking over so to speak.
Feels like…
This is a bit how we feel at the moment, Lockdown 3.0 is still ongoing, maybe until the end of February! (OR LONGER)
The weather is consistantly cold with snow showers.
No wonder some people are getting a bit stir crazy!
Roll on SPRING!
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What now for You and your Business?
In the UK there has been a major shift in the retail business over the last year r more. A number of retailers have been experiencing a drop in sales in the clothing and accessories departments in particular. This drop has been taken up by the internet retailers, who have significantly lower overhead costs. COVID-19 and the series of lockdowns have brought things to a head. Several companies with a long period of service have had to reappraise the way they work and their customer base, Marks and Spencers being one example of a still surviving brand, whereas Laura Ashley in the fashion and furniture market has disappeared.
The latest news must have been a shock to a lot of people.
Debenhams a department store that has been in existence for some 240 years has now been put into liquidation. This will leave great hole in the British high street, together with the closing of some iconic John Lewis stores.
Arcadia Group – consisting of an iconic group of retail outlets Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topman, Wallis and Top Shop. This is the most recent big-name casualty in the British retail market.
The reason for the demise?
Brick & Mortar business have significant overheads, rent, business rates being a significant contributor. These costs are high because the majority of retail premises are in the high street.
Intu, who operated 17 retail centres in the UK, recently went into difficulty with a massive £4.5 billion pounds of debt. Blamed largely on COVID-19 and cash flow restrictions forced by the closure of the retail units during the lockdown. These retail centres now have new owners, giving them a new lease of life, for now.
Over the last few years, we have witnessed a fundamental change in fashion retail, in particular, a move away from physical shops.
The internet has been adopded by the younger generation, compounded by the COVID-19 induced lockdowns and tier restrictions.
So, what now for YOU?
To me, this decade is going to see a change in retail. There is already a big effort being put into ‘How to save the High Street’. I can see that the first change will be the loss of the big brands, and the change to the smaller boutiques for fashion, and a rise in all types of craft shops.
The internet is going to increase its percentage of sales, taking over half of all sales. (Just look at the supermarket sales and the difficulty to get a delivery slot).
This is your opportunity to start your own online business, or get a business online, here are some previous posts:
Just some examples, have a read and take ACTION, let me know in the comments box how you are getting along.
Any questions or opinions, comment below…..
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