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Retail administrations rise

Retail administrations in the first quarter of 2013 rose by 10% compared to the fourth quarter last year, as chains such as Republic went under.

The number of retail administrations rose from 30 in the last quarter of 2012 to 33 in the first quarter of 2013 according to The Insolvency Service. As well as fashion names such as Republic, general retailers such as HMV and Jessops succumbed to the tough economic conditions.

Philip Duffy, partner at global financial advisory and investment banking firm Duff & Phelps, said clothing and footwear retailers had been “challenged” due to the weather discouraging purchases of spring clothing.

“Retail in particular continues to be hit hard with adverse weather conditions affecting the UK up into April. According to figures from Ipsos, footfall was 10.2% lower compared with Easter 2012, which is a significant decrease,” said Duffy.

He added: “However, online sales were up by 6.6% compared with March 2012 and the weather encouraged food sales. As the weather starts to improve there is hope it will encourage shoppers back to the high street.”

 

 

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