Our retail team is led by Scott Bastick, who has successfully restructured a number of retail store groups across a range of sectors.

The traditional retail model has required to adapt in recent years due to the increased popularity of online shopping where overheads are low and convenience is high. As a result of the global pandemic many retailers will require to further adapt in order to account for delays in sourcing products due a lack of raw materials, and the increased costs in having the finished product delivered to the consumer. For an industry containing many businesses which were already struggling it unfortunately seems inevitable that further failures will arise.

Scott says:

Whilst government support gave welcome respite from the immediate issues faced following the commencement of the pandemic, there remain several issues to be faced within the retail sector. The impact of rising inflation is likely to ultimately result in a drop in sales, and this comes at a time when staff shortages have resulted in increased wages being paid in order to secure a workforce.

Whilst we are all aware of the larger failures which have taken place in recent years, it is the smaller owner managed businesses which are most at risk as a result of being less able to adjust at pace to the ongoing changes taking place.

Having dealt with a number of appointments within the retail sector covering including multi-site locations during my time, my advice is no matter how big or small the business seeking early advice is key.”

Contact our expert in the retail sector, Scott Bastick.