The Office for National Statistics recently reported a surprisingly high 2.3% rise in retail sales during April, as noted by The Guardian. However, bricks-and-mortar retail outlets should be wary of taking too much confidence from this statistic – as, over the next few months, the road for retail is expected to be difficult. This touches upon why firms in this sector should bolster their security procedures.
A rosy month, but a not-so-rosy future
Seasonal factors, including the Easter holidays and warm weather, helped to bring UK shoppers out onto high streets in April. They powered the retail industry to its largest monthly growth since January 2016; however, consumer spending remains expected to slow this year. Prices are tipped to start outpacing wage growth and so heighten money concerns in many households.
In fact, in the three-month period ending in March, average earnings saw year-on-year growth of 2.1% – behind the 2.3% inflation rise during that time. Therefore, especially with inflation looking set to reach roughly 3% while pay growth stays sluggish, we shouldn’t expect the April figure to be a reliable sign of things to come for the British retail industry.
Scotiabank economist Alan Clarke warned that “the headwinds facing the consumer will intensify, which in turn is likely to slow the pace of consumer spending later in the year. We therefore remain of the view that the pace of GDP growth has further downside into the end of the year.”
Security-related food for thought
With economic factors giving many Britons good reasons not to go out to spend money, it wouldn’t be advantageous for you to add to those reasons by neglecting your retail outlet’s security. Honeywell has declared security “more than protection against theft and vandalism”, adding that it is additionally “about the knowledge that impacts your bottom line.”
The renowned maker of security systems and devices does, however, draw attention to the major effect that can come about through the prevention of theft and fraud. The company explains: “Shrinkage alone costs UK retail businesses billions of pounds Sterling each year. You need to ensure that every transaction is complete and legitimate.”
How we at All Time Security can assist
Many retail outlets in parts of South East England can relieve their security concerns by investing in retail security services available from our team at All Time Security. Once your own company has done so, you could be surprised by how quickly the benefits come into play.
Consider, for example, the availability of uniformed security staff for your physical store. Their clear presence can not only comfort law-abiding shoppers but also deter would-be thieves from even acting on their unscrupulous plans. We also have staff who can prevent loss and manage conflict.
It is worth putting in place fresh security systems now, before the retail rot begins seriously setting in. You can be confident of sourcing, from our company, a tailored package for helping to realise the practices of good retail security for Bicester, Oxford, Battersea, and many other places.