More than 30000 UK <b>retailers</b> in 'significant' financial distress | RetailTechPodcast

More than 30000 UK retailers in 'significant' financial distress

There will be little Christmas cheer for more than 30,000 retailers that are in "Significant" financial distress during the busiest shopping period of the year. The Sports Direct founder, Mike Ashley, even went as far as saying that November was "The worst on record" and "Unbelievably bad" for retailers. "As we near the end of the crucial festive period, with many retailers pinning their hopes on a final flurry of shopper activity this weekend as more are plunged into significant financial distress, to say 2018 has been a tumultuous year is something of an understatement," said Julie Palmer, a partner at the insolvency firm. Palmer warned that if retailers were hit by another slow Christmas period, the industry could be in deeper trouble than at the start of 2018, when the number of fashion retailers and online shops in distress surged by 17% and 46% respectively. The total tally of fashion retailers in financial distress is down 6% compared with last Christmas, while the overall number of high street retailers in trouble is down 8% at 17,226. "It is not all doom and gloom, and there are learnings from successful retail stories. If retailers want to thrive, they will have to bring greater value to their brands. They need to get better at anticipating, and responding to, next generation demands and expectations," she said. "In 2019, we will see more openly environmentally friendly, ethically and socially conscious brands thriving in retail," Palmer said. Read more