There is an inherent risk in buying any business, but retail has been a particularly volatile sector in recent years as the British high street has undergone some dramatic changes. Consumers have kept a tight grip on their spending since the recession made easy credit a thing of the past, while high business rates have constricted profit margins to the point that the number of companies able to afford to operate from a high street outlet has been drastically reduced.
Scotland has been among the hardest-hit areas but as George Osborne expresses his faith in the economic recovery, stating that it is “turning a corner”, the sector finally looks likely to be joining the gradual upswing that is creeping across the country as a whole. The latest figures from the SRC KPMG Scottish Retail Sales Monitor showed a 3.5 per cent increase in total sales on the high street in August when compared with the same period in 2012. In real terms, August total sales were up four per cent once shop-price deflation of 0.5 per cent is taken into account. The figures mark the best total growth for the month in Scotland since 2009.
Food recorded the best growth levels, but fashion and garden centres also enjoyed healthier levels of improvement, driven largely by the exceptionally good weather.
Fiona Moriarty, director of the Scottish Retail Consortium, commented on the figures: “The best August since 2009 has helped to keep the positive momentum going following a record-breaking July.
"Combined with a recent uplift in Scottish consumer confidence, the signs are that many of us are increasingly feeling more optimistic about the economy and responding well to retailers' targeted promotions and new ranges."
The latest figures bring Scotland into line with the UK three-month average for total sales growth of 3.4 per cent, suggesting that the UK retail sector as a whole is finally heading in the right direction.
Those on the lookout for distressed retail acquisitions could well see a change in the market over the coming months as the outlook for the sector continues to rise.
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