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ASOS Quadrupled Profit Benefiting From Increased Consumer Demand During COVID-19 Pandemic And Forecast Further Improvement
ASOS sales rose 19 percent. ASOS the UK online retailer has benefited from the movement of retail sales from the High Street to online sales. This increase in profit was achieved despite its key target 20-something age group market suffering greatest jump in in unemployment levels in UK.
Online retailer ASOS is now worth more than twice the market capitalisation of Marks & Spencer the UKs biggest clothing retailer by sales that has historically had poor internet offering but strong High Street presence.
UK Office for National Statistics ONS reports UK retail sales were 2.8 percent higher in August year on year
UK retail sales have increased for four months in a row and were already higher then last year by July. In total UK retail sales are now 4 percent higher than last year despite or perhaps because of the coronavirus pandemic as British shoppers switch from holiday spending to household goods and DIY.
UK retailers have benefited from fewer British people holidaying abroad this summer and a shift to spending on household goods rather than activities outside the home.
Although UK High Street fashion sales increased from July to August 2020 they were still down on comparison with last years sales figures.
The Bank of England said on Thursday that Britain’s economy was on course to recover faster than it had forecast in August, but output in the July-September quarter is still expected to be 7% lower than in 2019’s final quarter.
Despite the coronavirus pandemic damaging many retail sales Next plc expects half a billion pound reduction in net debt in the current financial year.
Next plc has reported an increase in expected year end profit as UK consumers with more cash in their bank account are spending on fashion goods instead of their holidays. Once again an example of business winners and losers from the coronavirus pandemic.
Other UK retailers are laying off staff due to poor retail performance but Next plc is not the only coronavirus retailer winner. Primark H&M and Zara have all performed well.
Retail Experts Review September 2020
Halfords bike sales jump 59 percent during coronavirus pandemic. Electric bikes and scooters sales rose by 230 percent.
Overall Halfords also benefited from online sales which jumped 160 percent.
Halfords corporate valuation on the financial markets has increased by around 10 percent due to its ability to capitalise on opportunities presented by the occurrence of pandemic.
UK Shoppers Returned To High Streets In July But Not In Enough Numbers To Save UK Jobs
Clothes and household goods instore sales remained below prepandemic levels but the switch to online retailing more than made up for lost retail business activity. Food sales remained strong boosted by extra online delivery slots. Online retail sales jumped again including clothes sales and homes and interiors goods.
Overall UK retail sales have now rebounded fully to prepandemic levels. This has been supported by reopening of non food High Street shops but High Street shop sales have not recovered. As a result retail sales jobs have been lost perhaps in the 50000 numbers. Online retail sales are at historically high levels.
The retail industry is important to the overall health of the UK economy. More than 5 percent of UK economic growth comes from retail sales. The return of retail sales is important to the recovery of the UK economy. The loss of some many retail jobs will not only hurt the families affected it will hurt the UK economy as these jobs are unlikely to return as the retail industry restructuring has been sped up by at least a decade to the dominance of online retailing.
As people have more reasons to buy new clothes UK clothing sales should bounce back further. Household goods and DIY have already bounced back strongly as people do up their pandemic bubbles.
The UK government should not ride to the financial rescue of High Street retailers to save jobs that are already lost to the restructuring of how UK consumers buy stuff. Such monetary support would be wasted as it will not shore up the inevitable retail job losses from the High Street. The High Street will need to reinvent itself but it is unlikely to do so strongly until a vaccine is found. A vaccine is unlikely to be freely available until early 2021 at earliest. That is when the High Street will need some TLC. Not only will shops disappear so will the likes of even more bank branches leaving big holes on UK High Streets. The holes will need to be filled with a combination of housing and lifestyle experiences along with small shops and pickup points to pick up your online retail orders.
Amazon home food delivery service is expanding in the UK and traditional supermarket chains should be worried
Amazon is already providing grocery food home delivery services in some southern parts of the UK. Now it is branching out across the UK with free home delivery for Amazon Prime Members ordering groceries for delivery if the order is more than 40 pounds in value.
UK supermarket big guns like Asda Sainsburys Tescos and Morrisons were perhaps celebrating the pandemic boost to turnover via the demand for online ordering for delivery of groceries in the UK. Their sales soared as people fearful of shopping in person or unable to shop in person flocked to their keyboards to order the weekly Big Shop. Amazon like a eagle eyeing the change in UK shoppers habits have swooped in with an offering to not only boost Amazon Fresh deliveries but boost the overall demand for Amazon Prime retail offering.
Weaker supermarket chains with no home delivery offering had been nibbling away at the UK big supermarket chain market share for years but Amazon may just gobble up the whole UK retail marketplace! It will certainly grab a big market share as Amazon expands into the country. UK supermarket chains should be very afraid. Indeed UK traditional UK retailers with the exception of Mike Ashley had better be looking over their shoulder and come up with a better business risk management strategies.
Amazon Fresh in the UK in 2016. Sluggish slow moving big players in the retail market will now be punished for their lack of ambition innovation and business management skills.
Retail sales in UK have bounced back V shaped style to prepandemic levels
Think back and look back a couple of months. The human pain from lost lives drove a fear in the retail marketplace. As tragic deaths grew retail sales collapsed in the UK. Some retailers benefited like supermarkets and food sales but non food sales shrank painfully.
Now food sales remain strong but non food sales are coming back. The total retail sales data from the UK Office for National Statistics say that there has been a V shaped recovery in total retail sales. The UK economy is built on retail sales so maybe a V shaped recovery in UK economy as a whole is on track by October.
Around 80 percent of UK economic growth is on the back of the UK consumer. If UK consumers back the retail sector they back a V shaped economic recovery in the UK. What this means for you is that you are more likely to keep your job get a pay rise and sustain your lifestyle in the UK.
June retail sales saw the second consecutive month of strong growth following record declines in March and April. The rises seen in May and June have roughly brought total sales back in line with February levels prepandemic lockdownBusinessRiskTV
Oodles of cash has been saved over the pandemic in the UK by UK consumers. It is time for big ticket items to be purchased to boost your lifestyle and the UK economy. Dine out this August to get 50 percent off your meals and save a few more jobs!
A V shaped economic recovery in UK by October is doable if you wash your hands socially distance and spend spend spend!
12th May 2020 New UK Government Guidance For Safety In Shops During Coronavirus Pandemic
Shop safety guidance includes:
- Define the number of customers that can follow 2m social distancing within your shop. Take into account total floor space as well as pinch points such as doorways or corridors.
- Introduce system of working that limits the number of customers in shop at any one time.
- Consider whether changing rooms are essential, and ensure that they are cleaned after every use if they are kept open.
- Use floor tape or paint to clearly mark 2m distances.
- Ensure contactless payments can be made if possible.
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20th February 2020 UK Retail Sales Jump In January
According to the Office for National Statistic ONS figures UK retail sales were at their highest in January for 10 months.
The ONS said clothing sales significantly improved. Although fashion retailers had a tough 2019 the new year offers much better opportunities with UK employment increasing to all time record.
21st January 2020 Once Again German Retailers In UK Demonstrate That Retailers Do Not Need To Blame Rising Costs On Poor Performance
Aldi performed exceptionally well over the festive period whilst UK supermarket business leaders blamed the UK consumer on their poor business performance.
Occasionally you hear UK retailers blamed rising costs associated with rising living wage suggesting giving people a living wage will destroy jobs in the UK.
Aldi supermarket chain will recruit more than 3800 store level positions in 2020 and increase pay as part of its drive to hire the best staff for its expansion across the country.
Aldi is Britains fifth largest supermarket yet it can expand its business perform well and still increase minimum hourly rate 9.40 pounds on 1st February 2020.
UK retailers should demonstrate innovation and leadership instead of winging about the marketplace and the consumer. If you build a good retail business they will come!
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Economists should focus less on the downside global risk problems. Instead they should be coming up with more solutions to problems. Creating bad economic mood music is easy to do. It’s harder to find the solutions to the problems retailers face. BusinessRiskTV.com has retail business solutions to protect businesses better and grow retailers faster regardless of the bad mood others try to propagate.
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