Retail Barometer: Can Your Business Survive?

Retail barometer: can your business survive?

2 Do you feel threatened by the trends identified by the FSB and can your business survive?

We spoke with:
Alan Martin, Food For Thought, Guildford
Jordan Clements, Wild Oats, Bristol
Elise Clitheroe, REco Store, Tiptree, Essex
Jo Hill, Amaranth Wellbeing, Stockport
Paul Nugent, Elsecar Health Store, Barnsley

Guildford: Healthy dose of optimism
Bristol: Navigating new opportunities
Tiptree, Essex: Cautious customers
Stockport: Positive expectations
Barnsley: Quick thinking to adapt

Back to Guildford, where Alan Martin doesn't feel threatened.

"We are happy with how the business is performing; we are profitable, we are running a tight ship and keeping an eye on costs but in the end, we are doing well because the town is doing well," he says.

"I accept there are areas up and down the country which are in decline or sat on a knife-edge. We experienced that in Kingston and that decline was the pivotal reason for us deciding not to renew the lease there.

"There is no escaping though, the high street is changing (I would love to say evolving), however there is little evidence that this is the case [in Guildford], though all things Korean seems to be a trend. In the past year, two Korean supermarkets opened in Kingston, one opened in Guildford several months ago and we sold our Olivers business to another.

"We are looking outside our traditional suppliers for new ideas, inspiration and a healthy dose of optimism to help us bring fresh and vital passion back into the business. The addition of brands such as GLUG and Howdah to our store, bringing vibrant energy, is priceless."

Neither does Elise Clitheroe's REco store feel particularly threatened by current trends.

"I was more concerned this time last year," says Elise. "The return to pre-pandemic levels took longer than I expected, costs were rising all the time and the bounce back loan needed re-paying.

"At that time I did a big assessment of the business and made changes in terms of cutting costs, focusing on profitable ranges and investing time in customer newsletters and growing the database (rather than social media) as these have a much greater return.

"I am concerned by other factors but I am positive that the business will survive them. United Utilities have made the decision to close our local car park for up to a year to do essential work and our landlord is selling the village square, including our property. Both of these present yet more hurdles but we just have to keep being creative and adapt."

Wild Oats has more than 40 years of experience under its belt. "So we feel we have experience in handling difficult economies," says Jordan Clements.

"However, many businesses today work at such a fast pace and we're trying to navigate how we can keep up without burning out. We have been focusing on expanding our online shop but with that comes huge competition from big retailers. It's not such an easy space to conquer as it first seems."

Similarly, Paul Nugent in Barnsley has reacted to what he calls 'a series of uncontrollables'.

"I have become very 'light on my feet', watching like a hawk things like consumer trends, supplier changes, and better buying opportunities," he says.

"I have intentionally tried to grow strong relationships with my trusted suppliers, so despite whatever happened, I felt they would work with me. This has proved useful. Covid was testing as I went into survival mode, but customers saw the effort I put in and they were rock solid.

"The journey over the last four years with 'Brexit-Covid-cost of living crisis' has taught me to broaden my sales and marketing offer and have no barriers to quick thinking and change. I now have a more diverse and multi-faceted business, which although it can be harder to run, it seems to be paying dividends."