Budget commentary from Steve Rodell, Christie + Co Head of Retail
What does the announcement mean for the Retail sector?
As the Chancellor announced in the budget yesterday the decision of whether to extend Sunday trading hours will be made by local councils and their Mayors. Any extension of Sunday trading will be detrimental to independent convenience stores, particularly if they are located close to a larger supermarket as shoppers tend to gravitate to the larger stores and would likely look to do a ‘weekly shop’ rather than picking up essentials.
The increase in the living wage to £9 per hour from 2020 is also likely to have an impact on convenience stores as they will have to budget for this increase – combined with a potential loss of income from extended Sunday hours there is a concern that unless a store is efficiently run and is able to compete we may see closures.
