Credit crunch overtakes online retailing as main worry for retailers
Retailers are most worried about the credit crunch and the growth of online retailing, according to a new survey. Property consultancy Hartnell Taylor Cook LLP found that 65 per cent of retailers fear the effects for the next nine to 12 months on business of the credit crunch, with 59 per cent citing the growth of online retailing, and 42 per cent naming additional retail space coming on to the market as their concern.
This compares with twelve months ago, when economic concerns were a source of worry to only 31 per cent of retailers and 85 per cent saw online retail as a major issue. However, despite the tightening credit market, nearly eight out of ten (77 per cent) still feel confident about the retail market generally for 2008.
Andrew Bradley, retail agency partner at Hartnell Taylor Cook, comments: “It comes as little surprise that the well-documented credit squeeze is the number one concern for UK retailers. Although the full impact has yet to become clear, it could put a lot of extra pressure on some businesses.”
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