After a disappointing Christmas, many high street retailers were looking forward to a more successful January only for their hopes to be dashed as prospect customers stayed at home to avoid the arctic weather conditions. However, according to a report by the ONI, things finally seem to be looking up for the high street retailer.
According to the report sales revenue grew by almost three per cent last month which is the most sales have grown month on month since 2008.
Michelle Thompson, business advisor to the British Chamber of Commerce, comments: “These results are extremely positive and indicate that while the retail sector faced numerous challenges at the start of 2010 – increasing VAT and atrocious weather conditions – the British high street remain remarkably resilient.”
Imogen Turner, founder of retro confectioners ‘Sweet Stuff’, comments: “Our initial business model was based upon and functioned around having a high street presence. When we first formed the company it was easier to get premises due to wide availability of shop space. However, after trading for a few months, it became clear that the footfall just wasn’t there. Therefore we were forced to reevaluate our business model and consider a different route to market – online. Since developing the website, profits have increased and we are no poised to take advantage of improving market conditions.”
A spokesperson for the Federation of Small Business says: ‘ While these results are positive, from the feedback we receive it is clear to see that while consumers are more confident than they were this time last, they are still concerned about the economy and conservative in their spending”