2 minute read
Andrew Goodacre, CEO of Bira (British Independents Retailer Association)
Be prepared for the peak period
Andrew Goodacre, CEO of Bira (British Independent Retailers Association) talks about getting primed for the Golden Quarter, as businesses wrestle with the latest changes within the government ranks
There are a number of ways that retailers can ready themselves for the golden quarter, as we enter one of the most important trading times of the year.
With such upheaval in the market and changes within the government, it’s been a tough time for everyone, with no signs of easing.
To recap, in October Bira called on the Chancellor of the Exchequer Jeremy Hunt [appointed on October 14] to help deliver certainty, clarity and stability for independent traders. Upon his arrival, he ditched almost all of the tax cuts which had been made almost three weeks prior to this.
Five top tips
1 Really make the most of social media to engage customers. Make sure you have strong images and a call to action on each post 2 Focus on quality service. People like people, and it’s important to give that personal touch with every transaction 3 Good merchandising attracts customers - and window displays are key in catching people’s eyes! 4 If you are taking part in Black
Friday (which isn’t always relevant to indie retailers), do not discount everything, and focus on slowmoving stock 5 Stock management is key, and do not run out of fast selling items in the last few days prior to Christmas
The basic rate of income tax will now remain at 20p indefinitely, instead of being reduced to 19p. Cuts on stamp duty and National Insurance remain in place.
Businesses need confidence for consumers to spend, and a stable exchange rate to be able to plan stocks.
We are therefore pleased that Jeremy Hunt has said that businesses will be looked at with regards to energy price support, but we will be watching what he means by “those most affected” aimed at “energy efficiencies”.
Bira remains committed to lobbying the government to support small businesses, and reviewing and reducing the business rate for all high streets would add clarity, confidence and stability back to bricksand-mortar retailers.
We then welcomed Prime Minister Rishi Sunak on October 25 and, again, Bira made urgent calls for him and his cabinet to concentrate on reducing the cost burden on businesses, with prompt support on energy and tax burdens.
We are also calling for, in the long term, commitment to reducing rates to prevent further closure announcements.
However,there are other actions that we believe traders can make to be ready for Black Friday on November 25 and the Christmas season.
The final quarter is traditionally the busiest for retailers, and despite the economic challenges, retailers still have to be smart retailers to make the most of the opportunity.
Call: 0800 028 0245 Visit: www.bira.co.uk
