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One Scottish shop closes each day according to study

Category: Scottish Economy — Gary Cain on October 21, 2012

A recent study has shown that in the first eight months of 2012, an average of one shop closed each day in the country.

The study, by PricewaterhouseCoopers, looked at the situation in cities and towns across Scotland.

The biggest operators affected by such closures were toy shops, clothing retailers, jewellers, furniture retailers and stationery outlets.

Conversely, charity stores, discount shops and bookmakers saw new outlets being opened.

Suggesting that the results could be attributed to the continued economic downturn, Bruce Cartwright from PricewaterhouseCoopers said:

“Store-dependent high street retailers continue to experience a drop in sales and reduced footfall and for those in distress, this could be exacerbated by simply having too many locations.”

Many businesses are also seeing distress caused by problems receiving prompt invoice settlement. However, invoice factoring is helping many to continue successful operations despite this.

Advising that customers are likely to continue with their recent cautious buying habits, in light of rising fuel and food bills, the PwC head of business recovery in Scotland continued:

“The next six months will be no less challenging for retailers and with the Christmas season fast approaching, they will undoubtedly be hoping to see a flurry of customers in the final quarter.”

Though a net loss of 78 shops in Scottish high streets was seen in the eight month period, there were marked regional variances. Edinburgh had a net loss of just two, while Aberdeen saw a net increase of two stores.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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