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Christmas boosts Scottish retail fortunes

Category: Scottish Economy — Mark on January 26, 2013

Recent figures have shown that Christmas 2012 was good for the Scottish high street, with sales figures for December increasing 1.5 per cent over the last 12 months.

The data, which was provided by the Scottish Retail Consortium (SRC), also showed the figures matched the UK national data. It is the first time that has happened in two years.

Fiona Moriarty, a director at SRC, said:

“Coming at the end of a relentlessly tough year for Scottish customers and retailers, this is a relatively good result. For the first time in nearly two years, Scottish sales growth was not below the UK figure. At least when set against retailers’ low expectations, that is something to celebrate.”

Moriarty went on to say the figures could be indicative of a permanent recovery but the news was tempered by flat food sales.

Professional service firm KPMG also warned the big consumer credit card pay-off in January will affect sales at the start of 2013.

Overall though, the news will be welcomed by many shop owners in Scotland. This is certainly the case for those looking to renegotiate lending agreements and work with commercial finance broker firms to look at new strategies.

Holyrood also welcomed the findings, with a spokesperson saying:

“In these tough times we are maintaining Scotland’s position as the most supportive business environment in the UK.”

However, there were also warnings that challenges will still be faced.

Highlighting the recent failures of large scale operators HMV and Jessops, the Scottish government also said that it would offer as much as help as possible.

'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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