June’s retail price figures reveal the sorry picture as far as the High Street is concerned. According to recent figures published, whilst prices in the food retail sector have increased dramatically particularly in the area of processed food, the non-food retail sector has actually only seen prices rise of 1% year on year and this is despite VAT rises of 2.5% in January.
It is fast becoming clear that whereas the food retailers are able to pass on their rises in costs to the consumer, the same isn’t true in the non-food sector. This is particularly the case in clothing and other areas where intense competition from both the High Street and the internet.
As a Chartered Accountant and partner in Westbury, Howard Graham has been helping small businesses for the last 30 years. During that time, he has also set up numerous successful businesses including an award winning internet business and a restaurant as well as having an interest in a property company, a farm and a design company. He also is a regular speaker on small business issues as well as writing for the BBC, Microsoft and Imbibe magazine.