Lawyers have predicted that one in ten SMEs will be set to collapse post-lockdown. Although harsh, it is a reality we have already seen over the last few months, with even major household names having to take protective action.
The diminished economy caused by COVID-19 has impacted every sector, but retail has arguably been hit hardest. Data from Springboard shows that high street footfall declined by 65.1 percent between 31 May and 4 July - something many stores were unsurprisingly not prepared for.
Even before lockdown, high commercial rental costs, changes in buying habits and plateauing wages had triggered a rise in insolvencies. Unfortunately, the pandemic has put the UK on a downhill slope towards deep recession, accelerating the financial issues of many businesses.
However, this doesn’t have to mean the end for retail. Here are our top tips for survival, click here