Wed, 03 Aug 2011 | BUSINESS NEWS
Retail businesses in Wales are showing a growing amount of distress, according to new figures from financial services firm, Deloitte.
Research carried out by the company showed that Welsh retail traders are facing tough times, with the number of companies falling into administration in the second quarter of this year increasing by 8 per cent to 43.
It is also a rise on the year-on-year figures, with the number of companies falling into administration during the same period last year registering at 40.
Deloitte’s reorganisation director for Wales, Paul Evans, explained that there were a number of clear factors that were contributing to the figures.
“The retail sector is going through a significant period of change with many companies buckling under the pressure of weakened consumer confidence and a sluggish economy,” he said, highlighting the high-profile administrations of household names including Oddbins, Moben, Dolphin, Focus DIY, Habitat and Jane Norman.
“This signifies that the severity of retail distress is far greater than the absolute figures suggest,” he added, pointing out that it was unlikely that the situation would change in the imminent future. Mr Evans said that consumer spending would likely continue to decline this year, amid growing concerns over inflation, unemployment and reduced disposable income.
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