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Bank lending to small and medium-sized retailers has fallen by 6% since the 2016 Brexit vote, while large retailers have benefitted from a 20% increase in lending.
Fashion and footwear business leaders have voiced growing concerns about the impact the general election and uncertainty over the next steps for Brexit will have on consumer confidence in the run-up to Christmas.
The industry is calling for government support as scores of retailers across the UK cut head office roles in a bid to reduce costs and combat tough trading conditions.
The Conservative party has promised to reduce the “overall burden” of business rates at its first budget review, if they win the upcoming election next month.
Nearly half (45%) of small and medium-sized fashion enterprises (SMEs) feel unprepared for Brexit, and have cited it is as one of their biggest challenges for the year ahead.
Retailers are holding off recruiting new talent as a result of Christmas trade fears and Brexit uncertainty, headhunters have told Drapers.
The optimism of UK businesses reached its lowest level since 2012 last month, falling by 0.67 points to 95.59.
Despite a 3.7% uplift in total like-for-like sales in October, retailers face additional obstacles this Christmas, including on-going political and economic sagas.
More than 1,200 retail businesses entered insolvency in the last year – the highest number in five years.
Consumer confidence fell again in October as “the big black Brexit cloud refuses to shift”.
Fashion industry sources hope a snap general election would create “some certainty for UK businesses”, as ongoing political manoeuvring delays Brexit and continues to distract from wider market concerns.
In October, retailers’ stock levels compared with expected sales were at their highest point since 1983, as businesses continue to prepare for Brexit and the Christmas trading period, the Confederation of British Industry’s (CBI) latest Distributive Trends Survey shows.
The second Brexit deadline has come and gone and there are no concrete plans for the next stage of the process. How is the UK fashion retail industry coping with the effect of prolonged uncertainty on business?
Prime minister Boris Johnson said he will give MPs more time to debate his Brexit deal if they agree to a 12 December general election.
Much like the weather, Brexit has become a somewhat convenient excuse for struggling retailers to explain away weak sales. But in the case of Bonmarché, it was the final nail in the coffin.
Retail leaders have called for a quick resolution to Brexit, as continued uncertainty is “extending the agony” ahead of the crucial peak trading period.
Business leaders have called on the government to offer an “iron-clad guarantee” that the UK will not leave the European Union without a deal, following a weekend of further delays to the Brexit process.
Retail heavyweight and former Remain campaigner Lord Rose has urged MPs to vote in favour of the Brexit deal struck by prime minister Boris Johnson and the European Union yesterday.
The National Audit Office (NAO) has today warned that a large number of traders and businesses will not be ready for new customs and regulatory controls enforced under a no-deal Brexit.
As the Brexit deadline looms, retailers and suppliers have expressed concern about distribution disruption ahead of peak trading, as a result of customs checks and new tariffs if a deal with the European Union cannot be struck.
A hard Brexit could be “catastrophic” for the fashion industry, writes Cécile Reinaud, founder and president of maternitywear brand Seraphine.
As Brexit leaves a question mark over European funding for universities and young fashion businesses, Drapers asks how the landscape is changing and what the shift means for upcoming talent in the industry.
UK retail sales growth has experienced an all-time low for September, as ongoing Brexit uncertainty has a “material impact on the consumer psyche”, new research has shown.
The H&M group has cautioned that prices may rise and products be delayed into the UK as a result of Brexit, but investment and growth in the country remains undeterred.
The British Retail Consortium (BRC) has pushed back on Michael Gove’s claim that the retail sector is “ready” for a no-deal departure from the European Union.
Brexit was the hot topic for discussion once again at Milan footwear trade show Micam this season. Drapers speaks to UK brands about their concerns.
Yet again we find ourselves in the strange position of celebrating London as an international stage for British design talent, less than two months before the UK leaves the European Union.
Fashion retailers and suppliers have warned that the government’s Yellowhammer document on the consequences of a no-deal Brexit could become “a self-fulfilling prophecy” by heightening anxiety and pushing people to stockpile.
The UK government has published a new document outlining its “worst case planning assumptions” should we leave the European Union without a deal next month.
The British Fashion Council (BFC) is urging the government to avoid a no-deal Brexit, claiming it would have a “negative impact” on the industry.
British consumers could be hit by an 11.5% increase in prices for clothing made in Europe, if the UK leaves the European Union without a trade deal.
Retailers fear further depreciation of sterling and disruption of deliveries in the run-up to the all-important Christmas trading period, if the UK leaves the European Union without a deal on 31 October.
Chinese tourists visiting the UK could spend an extra £375 per visit if the value of sterling falls further, new research indicates.
Consumer confidence crept up in July as some of the concerns about the country’s economic situation eased. However, the overall confidence score remains firmly negative.
The Greater Birmingham Chambers of Commerce (GBCC) and property services firm Colliers International have called for new prime minister Boris Johnson to make tackling the business rates “crisis” a top priority.
The UK fashion industry has questioned new prime minister Boris Johnson’s support for British businesses and raised concerns over the strong possibility of a no-deal Brexit.
A no-deal Brexit would cause “supply chain chaos” for brands and retailers across the country, international delivery firm ParcelHero has warned, and there are fears it would come at the “worst possible” time for Christmas trading.
Total UK retail sales fell by 1.3% in June, marking the worst 12-month average since records began in December 1995.
Around 150,000 businesses do not have the paperwork in place that will allow them to continue exporting to the European Union in the event of a no-deal Brexit, Mark Carney, the governor of the Bank of England has warned.
The impact of a no-deal Brexit on retailers would be exacerbated by the October deadline for the negotiations, the British Retail Consortium (BRC) has warned.
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