Summer boost for retail sales

Hot weather, bank holidays, summer sporting events and new celebrity-influenced trends are setting the wheels in motion for a spike in retail sales this summer.

According to a new study commissioned by Royal Mail, 77 per cent of UK SME retailers expect to see an increase in sales this summer. On average, sales are anticipated to rise by almost a third (29 per cent), with over half (52 per cent) expecting to see an increase in overseas sales during the summer months.

Hot weather (39 per cent), bank holidays (39 per cent), summer sporting events (32 per cent) and new trends influenced by celebrities (32 per cent) are the main reasons for this expected spike.

When it comes to fashion, 68 per cent of UK SME retailers typically sell more summer clothes than winter clothes each year. And, when the weather heats up, 63 per cent say they see a sudden increase in sales.

The summer buying spree is also often driven by customers being influenced by what celebrities are wearing (58 per cent) and their wish to follow the latest fashion trends (57 per cent).

Sporting events are also key drivers of retail business. The Football World Cup (71 per cent), Wimbledon tennis (56 per cent) and The Open golf tournament in Scotland (45 per cent) are the sporting events retailers expect to benefit from the most this summer.

With the UK currently experiencing the highest temperatures in more than four decades, retailers are set to capitalise on increased footfall and reap the much-needed rewards of increased sales.

Now more than ever, accurate, reliable and timely financial information – whether that be profit or cash focused, or both – is key to effectively manage your retail company’s finances and drive growth.

At Beavis Morgan, our retail business experts can help you identify your requirements and then design and implement a system that will provide all the information you need, within a cost effective and efficient framework.

Being able to understand and evaluate your business through real-time information on actual performance is critical and could mean the difference between survival and business failure.

To find out more about how we can assist you and your retail business, contact Steve Govey or your usual Beavis Morgan Partner.