A Cumbrian accountancy firm has praised the resilience of the region’s smaller independent retailers despite challenging economic headwinds.
Lamont Pridmore highlighted the adaptability of independent businesses across the county during Independent Retailer Month.
The firm said: “Commercial conditions for UK retailers are currently tough, as they face rising costs, reduced consumer spending and competition from online businesses.
“Despite the strain, independent retailers have shown a remarkable resilience, which the month-long awareness campaign aims to celebrate this year.”
Chief executive Graham Lamont recognised the adaptability of retailers operating in a sluggish economy but highlighted that challenges remained for the future.
He said: “It is remarkable how well smaller businesses have performed in the conditions they face. We need to celebrate their role in our communities during Independent Retailer Month.
“Smart retailers are those who have been able to design experiences that remove shopping friction by keeping queues short and staff helpful.
“A satisfying customer experience gives them a unique advantage over online brands, which can effectively drive foot traffic into stores.”
Mr Lamont said that sometimes even the small things retailers could do, like keeping store displays up to date, could change the way that customers interacted with products and services.
The power of customer referral schemes was another talking point for the firm.
He added: “These can encourage loyalty for existing customers while driving new customers into the shop. Customers referred through these schemes have been given both an incentive to shop and a recommendation as their first impression of the brand.”
Mr Lamont also drew attention to the importance of retailers diversifying their products and offering to ensure they were more adaptable to economic uncertainty and not reliant on one income stream.
He said: “Look at the trend of coffee shops adding adjoining bookshops as an example, allowing customers to browse and buy books as well as drinks during their visit.”
He added that one of the key steps to building resilience within an independent business was using smart financial planning to adapt to market trends.
He said: “Smart financial planning and business management are common practices for retailers performing at their best.
“Sales patterns and trends give businesses an idea of where they can grow. Analysing product performance enables businesses to make informed decisions on replenishment, pricing and promotional timings.
“Likewise, cash flow forecasting and staying on top of tax liabilities is an area that helps independent retailers significantly outperform competitors.
“While businesses have done well so far, the current economic outlook is not promising. It would be a huge help to see the business rates relief, announced this week for pubs, clubs and venues, extended to independent and family-run retailers. In the meantime, retailers must do more to protect themselves from changing consumer habits and economic uncertainty.
“Planning and adaptability are the cornerstones of long-term business success.”
The firm said it understood the commercial pressures facing high streets across the region and prided itself on its ongoing support for independent retailers.
