‘We're still very proudly Northern Irish' says Pilgrim's Europe following restructure
There's a fresh name at the helm of this year's Top 100.
But it's certainly no newcomer to the Northern Ireland marketplace, or the annual business list.
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Scotsman
3 minutes ago
- Scotsman
The ‘harsh truth' facing Scotland's retailers as high street spending stalls
'Many retailers, especially those on the high street, face increasingly unpalatable choices in the coming months' – Ewan MacDonald-Russell, SRC Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Retailers are facing 'increasingly unpalatable choices' as cash-strapped Scots rein in spending, industry leaders have warned. New figures from the Scottish Retail Consortium (SRC) reveal a lacklustre performance last month, despite strong food sales in the opening half of July as consumers fired up their barbecues amid the sunny weather. Advertisement Hide Ad Advertisement Hide Ad The trade body's latest retail sales monitor shows that total sales north of the Border nudged up 0.1 per cent last month, compared with July 2024. However, adjusted for the effects of inflation, there was a year-on-year fall of 0.5 per cent - a slight improvement on June's result. The outlook for many town centres and retailers heading into autumn is rather bleak. Ewan MacDonald-Russell, deputy head of the SRC, said: 'July was a lacklustre month for Scottish retailers as sales again disappointed. 'The harsh truth is Scots are holding back spending as worries about the economy grow. That is leaving shops in the lurch - facing higher costs as a consequence of last year's UK government Budget without the growth needed to pay those bills. 'With little sight the economic weather will brighten many retailers, especially those on the high street, face increasingly unpalatable choices in the coming months.' Advertisement Hide Ad Advertisement Hide Ad A breakdown of the latest data shows that total food sales decreased by 1.4 per cent, compared with July 2024. Non-food sales, overall, increased by 1.4 per cent, year on year. Adjusted for the effect of online sales, non-food takings were 1.6 per cent higher. Linda Ellett, UK head of consumer, retail and leisure at KPMG, which helps compile the monthly data, said: 'The UK's fifth warmest July on Met Office record brought a boost to home appliance and food and drink sales. But rising inflation was also a driver of the latter and monthly non-food sales are only growing at around 1 per cent on average at present. 'With employment costs having risen and inflation both a business and consumer side pressure, it remains a challenging trading environment for many retailers. 'While the majority of consumers that KPMG surveys are confident in their ability to balance their monthly household budgets, big ticket purchases are more considered in the context of rising essential costs and ongoing caution about the economy and labour market. Holidays are the priority for many this summer but those heading away have had to account for a higher cost of travel.' Advertisement Hide Ad Advertisement Hide Ad The testing conditions on the high street come as the British Independent Retailers Association (Bira) calls for 'urgent government action' as River Island and Hobbycraft announce restructuring plans, and Claire's UK business collapses into administration. It points to a string of major retailers announcing significant restructuring plans, store closures and job cuts amid rising costs and weak consumer demand and high street footfall. Andrew Goodacre, chief executive of Bira, said: 'It's deeply saddening to see long-standing high street chains announcing significant profit reductions and facing existential threats. These developments provide yet more examples, if they were needed, of the urgent need to support high street businesses across Britain.
The Independent
5 hours ago
- The Independent
Economic uncertainty blamed for ‘lacklustre' retail performance last month
Analysists have blamed rising economic uncertainty for a 'lacklustre' July that saw Scottish retail sales fall in real terms compared with the same month last year. According to figures from the Scottish Retail Consortium (SRC) and KPMG, total sales in Scotland rose 0.1% last month compared with July 2024, when they had decreased by 0.9%. However when adjusted for inflation this represents a year-on-year fall of 0.5%. Food sales in Scotland were down 1.4% compared with July 2024, when they had decreased by just 0.3%. This was despite a strong opening to the month when hot weather led to a 'boost' in spending on barbecues and summer meals. Non-food sales on the other hand rose by 1.4% compared with the same period last year, with analysists saying phones and some furniture and toy ranges performed well. Adjusted for the effects of online sales, non-food sales increased 1.6% on July 2024, when they had decreased by 1.5%. Ewan MacDonald-Russell, deputy head of the SRC, said: 'July was a lacklustre month for Scottish retailers as sales again disappointed. 'When adjusted for inflation retail sales in Scotland fell by 0.5%. That's a slight improvement on June's figures, but demonstrates shoppers continue to cut back on shopping as economic uncertainty continues to rise. 'Within the general disappointment there were some bright spots. Food sales shone in the opening half of the month as Scots took advantage of the warm weather to cook barbeque and summer meals. 'Phone sales did well, as did some toys and furniture ranges. Against that televisions continue to disappoint, with few households investing in high-end entertainment despite the summer plethora of sporting events. 'Fashion ranges performed poorly, albeit the likelihood is shoppers did their summer wardrobe shopping earlier in the year when the sunshine emerged. 'The harsh truth is Scots are holding back spending as worries about the economy grow. 'That is leaving shops in the lurch – facing higher costs as a consequence of last year's UK Government budget without the growth needed to pay those bills. 'With little sight the economic weather will brighten, many retailers, especially those on the high street, face increasingly unpalatable choices in the coming months.' Linda Ellett, UK head of consumer, retail and leisure at KPMG, described the current trading environment as 'challenging' for retailers. 'The UK's fifth warmest July on Met Office record brought a boost to home appliance and food and drink sales,' she said. 'But rising inflation was also a driver of the latter and monthly non-food sales are only growing at around 1% on average at present. 'With employment costs having risen and inflation both a business and consumer side pressure, it remains a challenging trading environment for many retailers. 'While the majority of consumers that KPMG surveys are confident in their ability to balance their monthly household budgets, big ticket purchases are more considered in the context of rising essential costs and ongoing caution about the economy and labour market. 'Holidays are the priority for many this summer but those heading away have had to account for a higher cost of travel. 'Consequently, spending in some areas of the retail sector remains subdued and competition for consumer spend will remain fierce.' The figures were published in the SRC-KPMG Retail Sales Monitor for July.
Fashion United
3 days ago
- Fashion United
July retail sales rise yet fashion experiences bumpy ride
Total retail sales across the UK rose by 2.5 percent year-on-year in July, according to new data from the British Retail Consortium (BRC). While warm weather at the beginning of the month encouraged activity, the eventual return of rain impacted sales, particularly in fashion. 'Fashion sold well early in the month, but deteriorated as weather worsened, while homeware and indoor furniture grew steadily, recovering from the previous year's decline,' Helen Dickinson, chief executive of the BRC, said in a statement. Total sales came above the 12-month average growth of 1.9 percent, largely driven by food, for which sales rose 3.9 percent. Non-food sales saw a YoY increase of 3.9 percent, with in-store sales coming out on top, rising 1.9 percent. Online non-food sales saw a more marginal increase of 0.3 percent YoY. Despite the positive trajectory, there is still a sense of hesitancy among consumers. Linda Ellett, UK head of consumer, retail and leisure at KPMG, said that while many consumers reported feeling confident in their ability to balance monthly household budgets, 'big ticket purchases are more considered in the context of rising essential costs and ongoing caution about the economy and labour market'. Dickinson, in turn, expressed concern over the marginal growth in sales, which she said barely covered the 'seven billion pounds in new costs imposed on retailers at the last Budget'. She added: 'If the upcoming Autumn Budget sees more taxes levied on retailers' shoulders many will be forced to make difficult choices about the future of shops and jobs, and ongoing pressure would push prices higher. Ultimately, this means more families struggling, particularly those on lower incomes, reduced consumer spending and a drag on economic growth.'
