All posts by Lisa Baker

Gambling

Behind the Success of the Growing European Online Gambling Market

Gambling in Europe is a licensed industry. Some of the top gambling locations are London, Riga, Interlaken, St Julian’s, Venice, Prague, Monaco, Paris and Vienna.

Recently, the online gambling industry has picked up pace and is projected to witness sharp growth due to technological advancements and stay-at-home trends.

Let’s take a closer look at this virtual gambling market with our guest expert Maunu Seppinen.

 

Gambling in Europe

It is legal to gamble online in most countries in Europe. In general, the continent does not have common legislation in place for online gambling, but there are some country-specific laws.

Take Finland, for example. It is legal to gamble and bet online in Finland. However, foreign sites are not allowed to offer gambling services. You can visit Finnish sites, though, such as nettibingo.

The European Gaming and Betting Association represents the top online betting and gaming operators in the EU. It is registered in the European Parliament and Commission Transparency Registry.

It works with the local and EU authorities to regulate the industry and provide high standards of service, and it ensures a safe and secure environment for online gamblers. Some of its member companies are Betsson Group, bet365, Kindred Group, Entain, and William Hill.

Gambling Revenue by Country

In the past decade, the Gross Gambling Revenue (GGR) has increased all over Europe. However, land-based casino visits have seen a declining trend, while online visits have been growing in number. Part of the reason for these numbers is related to the travel restrictions brought on by the COVID-19 pandemic, but these trends were beginning earlier, as well.

In 2018, the GGR was EUR 22.2 billion, and the estimated GGR for 2023 is EUR 33 billion. The most popular online activities include sports betting, casino games, and poker. Another thing to consider — about half of online gamers use mobile phones instead of desktop computers.

United Kingdom

The UK is the leading market for online gambling so far in Europe. Online gambling in the UK is regulated by the Gambling Commission, formed under the Gambling Act 2005.

Some of the popular online gaming companies in the UK are Rizk Casino, Casumo Casino, 888 Holdings, LeoVegas and bet365. In the last four years, the number of online gamers in the United Kingdom has quadrupled.

Italy

Italy is another one of the leading players in online gambling. The Italian government has made earnings of 22% of revenues through its licensed operators. In 2019, the GGR for Italy was EUR 1.85 billion, and the most popular games were card games, sports betting, and fixed-odds games.

Some of the top operators are PokerStars, Sisal, Lottomatica, and Snai.

Germany

Germany is also witnessing an increase in online gaming trends. The GGR for 2019 was EUR 2.2 billion. Along with an increased interest in sports betting, other popular games are slots and table games.

It is estimated that in 2024, the GGR will rise to EUR 3.3 billion, making Germany one of the hottest markets in the world.

Some of the more popular operators in Germany are PokerStars, Unibet, Bwin, and Drueckglueck.

France

France has also seen a sharp increase in remote gaming. In 2019, the GGR was EU 1.42 billion, with sports betting being the primary area of interest, along with horse racing and online poker.

The French government made considerable amounts in taxes received from the operators.

Spain

Spain has also witnessed a boom in online gaming in 2020. This was mainly due to the popularity of online slots, which earned EUR 27 million.

Another game that has risen in popularity is live roulette. The future for the online casino industry looks good as per the estimates.

 

Conclusion

Due to the travel restrictions and pandemic uncertainties, the online gambling market in Europe is expected to see more increase in business. Another factor that is working in favour of this industry is increased government regulations by the individual nations.

With the help of technological innovations, you can expect more exciting online games to appear in the future.

Insurance

Do you need product liability insurance?

Whether or not your company needs product liability insurance depends on the type of work you do. If you manufacture, design or sell and product that could cause significant property damage or personal injury if something were to go wrong then you will absolutely want to consider product liability – and some customers may even insist you hold a policy before bringing you onboard or allowing you to tender for larger contracts.

From a legal perspective, it is worth noting that there isn’t anything requiring you to hold product liability insurance, so you won’t get in trouble with the authorities if you don’t have a policy while operating. This doesn’t mean it’s recommendable to run your business without it, however, as the costs of something going wrong can be severe, and given that some insurers offer product liability at a discounted rate when bundled with your public liability (that very few businesses would risk operating without), it’s well worth the additional cost.

There are some industries/businesses that are more likely to need product liability than others. If you draw up designs for others to use (architect, carpenter), manufacture goods yourself (parts supplier, factory) or sell products for others to use under your own branding (even if it was manufactured elsewhere – tool shop, plant sales) then you will almost certainly need one.

Industries less likely to require product liability probably consider their work as their service (but without a design aspect) – this would include accountants, management consultants and the like.

 

What is product liability insurance coverage?

Product liability insurance coverage is the name given to an insurance policy that protects your business if it produces, designs or sells a product that causes property damage or personal injury to an affected third party. This could include a blueprint you’ve drawn up, a part of a larger product you’ve manufactured or a product from outside the EU you’ve branded as your own and sold to customers.

It’ll cover both the cost of any compensation a court awards against you and any legal costs you incur during the defence process, helping your business to weather the financial implications that any claim could have for your company.

If you’re a smaller business, and unsure how you’d cover the costs for a claim against you, then it’s especially important – the small additional cost per month/year is absolutely worth it to protect you from expensive court cases.

Product liability won’t cover any claims for injury or property damage caused directly by you or your employees, so you’ll need public liability for this. It also won’t cover any injuries or illnesses incurred by employees of yours, so if you do hire any staff you’ll need employers’ liability (which is a legal responsibility for any employers in the UK hiring staff). And finally, if you offer your professional advice/designs as a service, you should consider professional indemnity insurance, which will protect you against claims of ‘professional negligence’ from your clients.

 

How much is product liability insurance for a small business?

Product liability insurance for a small business can start from as little as £6-£7 per month. Do keep in mind that the end cost of your product liability is entirely dependent on the risk profile an insurer creates for your company, which will be based on factors such as your annual turnover, number of employees and the industry you operate in. So, if you’re in an especially high-risk market, or take on especially high-value contracts, don’t be surprised if your insurance costs reflect this.

While you can purchase a bespoke product liability policy, you may also find that many insurers offer it in tandem with your public liability insurance. The combination of the two creates an exceptionally well-rounded insurance policy that can cover you for many of the most common dangers you’ll face while working for a customer, whether you’re working on the project or the work is complete.

Don’t be surprised to see the costs of the two bundled together being significantly lower than purchasing each one separately. Insurers want as much of your business as they can get, and are incentivised to offer discounts to avoid you shopping elsewhere. Some may even package in your product liability for free, especially if you’re seen as low-risk, which is (obviously) an excellent deal.

 

How much product liability insurance do I need?

A standard product liability will usually cover you for between £1M-£2M of potential damages and legal expenses to start. For many small businesses, this is more than enough cover, and so buying more is unnecessary. If you are a larger business or work on especially high-value contracts where the cost of something going wrong could be more than this, it’s worth considering more – just tell your insurer you’d like a higher limit, and in most cases, they’ll be happy to sort something out for you.

 

How much you need ultimately depends on your business circumstances – consider the potential damages you’d be responsible for if something does go wrong, and use this to guide your buying decision when it comes to signing up to your policy.

Economy & Jobs News, Local Councils, Local Government, North Wales

First round of funding received towards £1bn North Wales Growth Deal

WORK will begin on the landmark Growth Vision for North Wales after the first round of funding from the Welsh and UK Governments was received.

North Wales Economic Ambition Board can now move forward in laying foundations for the programmes that make up the North Wales Growth Deal, covering agri-food and tourism, energy, land and property, digital, and innovation in high-value manufacturing.

Driven by the Board’s Portfolio Management Office, based in Llandudno Junction, the initial £16m injection sets the wheels in motion and comes after years of hard work and collaboration at a regional and national level, with partners including both Governments, the private sector, colleges, and universities.

This is the first tranche from a £240m overall contribution – £120m each from both governments.

Portfolio Director Alwen Williams said: “This is a significant milestone, and a positive first step after an unprecedented 12 months.

“We’re investing in projects that will ultimately create thousands of jobs and have an effect on the lives of many families, businesses and organisations across multiple sectors.

“This is a pivotal time and – together with the Welsh and UK Governments – we will do all we can to help lead the region to a brighter future.”

Economy and North Wales Minister Ken Skates is delighted to see progress made since the Deal was signed in December.

He said: “I’m pleased that today we’re able to announce another significant milestone as the first tranche of funding is released.

“This is good news for the region after a difficult year with many challenges ahead. The Growth Deal will be pivotal in the region’s recovery from the pandemic as it has the potential to unlock £1bn investment and create thousands of jobs.”

UK Government in Wales Minister David TC Davies says the investment will have a major impact on the wider economy.

“Every area of Wales is now covered by a Growth Deal and the fantastic news that the North Wales deal can now get up and running is a testament to the planning and hard work that has gone into making it a reality for the area,” said Mr Davies.

“Growth Deals like the one in North Wales will create jobs, services and businesses as we build back better and stronger from the pandemic and revitalise our local economies.”

For more on North Wales Economic Ambition Board, visit www.northwaleseab.co.uk or follow them on social media @buegogleddcymru and @northwaleseab.

Construction, News, Property

First Groundbreaking Tiny Home Factory set to Go Live Soon

As enthusiasm for the tiny homes market continues, the first ever Boxabl factory in Las Vegas is about to go live in a few short months, with a ground-breaking progress that will forever change the housing industry.

Boxabl’s unique ‘Casita’ container homes have seen a rush of orders, and come complete with a stylish interior, packed with tech and stunning looks to boot.

However, the exciting news is that these homes are compatible with automobile style factory mass production.  By using a product been engineered to build almost every building type in almost every country on the planet,  Boxabl has the potential to disrupt a massive and outdated trillion dollar building construction market, starting with the rapidly growing USA Accessory Dwelling Unit market.

  

  

Boxabl’s first 170,000 square foot facility is quickly filling up with materials, heavy equipment, new office space, as well as 15+ full-time employees and counting. Priority number one is the first order for the United States Federal Government, a total of 156 “Casita” houses are set to be made in a few short months.

“It feels great to be moving into a new space where we are about to change history for an entire industry,” said Paolo Tirimani, Boxabl’s CEO. “You can almost feel the electric in the air as we are prepping to start fulfill this first order, it’s really quite amazing.”

However Boxabl is looking forward to not only fulfilling this order, but also getting started on the 30,000+ reservations the company has around the globe – and 2,000 of those orders with deposits paid on them, at least one in every state, are of utmost importance.

With a reservation list growing by the hour, the company is set for worldwide expansion and is seeking Franchisee partners worldwide, who will play a strategic role in making sure orders are fulfilled.

Possible Franchisee partners are encouraged to go to the Boxabl website and fill out the forum under the Partner tab.

Recruitment News

4 Simple Ways UK Veterinary Practices Are Improving Candidate Retention

Hiring employees for your veterinary practices is no walk in a park. Maybe you have listed an excellent job advertisement, enticed a number of candidates, and received truckloads of applications. But do you have enough time to run a check on all those applications?

Remember, you don’t just have to fill the vacancy but focus on finding the right candidates with adequate skills and attitude. You have to determine whether the person even worthy of becoming a member of your team. Being in a medical field, one cannot afford even a little risk or error in the hiring process.

Moreover, with the competition of talent getting fierce day by day, the battle of hiring too is at the par. And so in an effort to choose the best employee for their veterinary practices, recruiters have come a long way. They have adopted various efficient methods to streamline their hiring process and recruit highly talented candidates.

So, roll up your sleeves and get to work implementing the recruitment hacks mentioned below.

Recruitment Software

Gone are the days when resume applications used to flood the offices for a job post. Moreover, who knows if you had missed one or two potential candidates while going through the bundle! But, not anymore. With everything going digital, recruitment process too has taken the lead on the internet. Nowadays, we have tools like the recruitment software that eases the recruitment process by analysing each application thoroughly and shortlisting ideal candidates. For instance, ATS (Applicant Tracking Systems) also referred to as TMS (Talent Management Systems) has modernised the recruitment process.

ATS has helped many recruitment agencies and companies to acquire skilled candidates in less time. It keeps track of all the recruitment activities like posting job ads and making the offer. Furthermore, it helps sourcing candidates, analysing their potential, tracking interview, evaluating them, and making offers depending upon the performance.

Apart from that, you can also use management software like Trello that helps in organising candidates better. With this tool, everyone involved in the hiring process will get a quick view of the posts to be filled, and other hiring process updates. So, use recruitment software and attract top talent to join your team.

Stand Out and Offer More CPD Opportunities

One of the best ways to entice candidates is by offering them professional development opportunities. It not only reduces recruitment costs but will also upskill your existing workforce. Moreover, being a recruitment manager, it is necessary that you provide refresher training to your staff. This way, you can make sure that they are up to date with work policies and procedures. Sometimes, you might have noticed that although the team is hardworking and passionate, some employees lack the confidence to put themselves ahead for a new course of qualification.

Through CPD (continued professional development), you encourage your team to enhance their personal development. Besides, it also helps them boost their morale, motivation and wellbeing. When the applicants witness growth in their overall work structure, they are likely to proceed for the job and look forward to joining the organisation.

There are a variety of courses that will suit you and your team to enhance their skills. These courses include training workshops, conferences and events, e-learning programs, practice techniques, sharing ideas etc.

Focus on Candidate Retention

During the recruitment process, one needs to focus on attracting employees that are the perfect fill for the vacancy. Recruitment and retention go hand-in-hand. Hiring the right employee means he is likely to stay and help the organisation to grow. The primary key to the recruitment process is to provide a realistic job description to prospective employees. They must know what they are getting into, what is expected of them and what tools they are going to use to perform the job well. Outlining the incorrect details of the profile can backfire, and you may lose a valuable employee.

Furthermore, the applicant’s resume tells a lot about his stability. Make sure he is not looking for a temporary job. You can check for how long he has worked under one organisation. If the candidate lacks stability, he may as well repeat it with you. Right from the start, tell the candidate about the organisation and how it can benefit his/her career.

Convey to them that they are going to perform a significant role in the vet clinic so that they have a sense of satisfaction about their work profile.

Bring in a Specialist

Veterinary practices seldom find time to conduct the recruitment process. Since sourcing the right candidate at the right time is very crucial, this is where we pitch in a specialist to hire talented candidates. A Vet recruiter has a great sight for candidates who are ideal for a hard-to-fill role. Besides, they have sufficient knowledge about the ongoing veterinary jobs UK market trend, like, salary expectations, new technology, and also employee expectations.

Moreover, since the staff may not have enough time to interview and examine a candidate’s skills, they might end up making the wrong decision. Consequently, deceiving the whole purpose of the hiring. On the other hand, a specialist will take extra time to make sure whether the candidate is determined and passionate enough to take up the role.

Not to mention, hiring a specialist is also a great way to save on recruitment process.

Winding-up

What might have seemed like an unachievable task can now be done quickly following the above-mentioned points. Hopefully, these hacks will help you speed up the process and land you some terrific candidates. Do some research and choose the right recruitment software. Arrange training sessions to help the employees obtain skills and boost their morale.

Lastly, hire candidates who do not let you down by quitting mid-way. Keeping up with these tricks will definitely help you form a great vet team!

 

 

 

Networks, North Wales

Historic Welsh market to be revamped as part of new creative community launch

INDEPENDENT artisans, traders and creative businesses will have the opportunity to showcase their products virtually thanks to the vision of a leading community organisation.

With markets, small firms and shops across North Wales forced to close due to the Coronavirus pandemic, Denbighshire Voluntary Services Council (DVSC) is about to launch a new venture – Change Makers Markets.

With the aim of creating innovative ways of supporting the local economy – made possible by the Welsh Government’s Foundational Economy Challenge Fund – Change Makers blends the virtual and digital worlds, incorporating a dedicated commercial training academy, one-to-one mentoring, funding advice and business planning guidance.

This will be coupled with a digital and broadcast shop front and the Change Makers Club, giving artisans, market traders and newly-emerging organisations a voice and promotional platform.

Alison Carter, Enterprise and Investment Manager for DVSC, says people can sign up for free training and future events via the Change Makers website and social media platforms.

“We are encouraging start-up businesses, makers and anyone who would normally sell from a market stall or pop-up venues to sign up as soon as possible,” she said.

“We are also in the process of refurbishing the Grade 2 listed Market Hall in Ruthin, which will launch as a safe, multi purpose space for trading and events later in the year.

“This will provide a significant town centre resource, to support economic regeneration and reinvigorate the independent business sector devastated by Covid-19.”

She added: “Change Makers is a really interesting, experimental concept, and DVSC is thrilled to also be partnering with Hwb Menter to assist with business advice, guidance and training.”

Change Makers are looking for local food and drink producers, designers, artisans, crafts companies, health and beauty, and sustainable/vintage fashion retailers to get involved.

Sara Lois Roberts, Enterprise Hub Co-ordinator for Hwb Menter, stressed the importance of the training and guidance element of the project.

“Collectively, we have a lot of expertise at our disposal and will be holding regular webinars and advice sessions,” she said.

“Members of the Change Makers community can contact us anytime, we will always be here with help and guidance, particularly during this challenging time for all industries.”

DVSC sees Change Makers as a catalyst for ideas and a new breed of social enterprise, embracing the promotion of contemporary artisan markets, traders, makers and crafters, whilst providing emerging entrepreneurs and ‘startisans’ with training and support to turn a hobby or passion into a new career in 2021.

“This is an opportunity to be entrepreneurial and innovative at a time when businesses really need some uplift, so we are hoping for a positive response,” added Alison.

For more information and to register for free, visit www.changemakersenterprises.com

Alternatively, join the Facebook community here: https://www.facebook.com/changemakersmarket

ECommerce, Jobs

Creatives will have a Miwtini on their hands thanks to online business support series

A NEW series of virtual support sessions for creative start-ups has been launched.

For those in the creative and digital industries, help is at hand in the form of a Miwtini!

Miwtini is a three-month programme for start-ups and those starting out, providing free guidance on subjects including research, marketing, thinking strategically, alternative income streams, web presence, pitching to investors, how to perfect your business plan and more.

Creative and Digital Colwyn will provide a taster session on Thursday January 21 – where Patricia van den Akker, Director of The Design Trust in London, will be on hand with specific advice.

Running alongside the Miwtini programme will also be a series of networking sessions to strengthen relationships within the sector.

The Creative and Digital Miwtini is a partnership between the Miwtini programme – led by the Enterprise Hub at M-SParc on Anglesey and Imagine Colwyn Bay, a project spearheading cultural and heritage activities, exhibitions, and events in the town.

Anna Openshaw, Senior Project Officer for Miwtini, believes joining forces with Imagine Colwyn Bay will kickstart a new era for the creative arena in North Wales.

“We want to bring like-minded start-up companies and makers together and give them a platform to share best practice, offer support, and be there for each other at this challenging time,” she said.

“That is what Miwtini is about; pushing yourself, gaining support and guidance and following our lead to business success. We want to help this network, and anyone else looking to start a creative venture, on their journey from the very beginning.

“This is a fantastic opportunity and places are limited, so we hope to see a positive response.”

Helen Jackson, Programme Coordinator for Imagine Colwyn Bay, said the network is needed now more than ever given the challenges of Covid-19.

“Many people have set up their own businesses from home while in lockdown, or upscaled their hobbies after being furloughed or made redundant,” she added.

“We want to bring together a network of creatives in this area who will be given access to fully funded support and advice from Miwtini as part of these online events, but also in going forward as a sustainable collective.

“There is a pool of local talent in this sector and mentors who want to help those who are starting out, so we hope to be able to reach as many people as we can, particularly anyone seeking to develop their business given the difficulties of the current economic climate.”

Patricia echoed those words and said: “This is a great opportunity for local creatives to get really practical business training online – so you can join from the comfort of your own home or workspace.

“We will be discussing everything from websites to online sales, and you will get to meet other people in the same sector, which is vitally important right now as a result of Covid-19 and subsequent lockdowns – I am really excited to be part of this specialist creative programme.”

Although the exclusive fully funded sessions are aimed at those in the Bay of Colwyn area anyone in the creative industries from Anglesey, Conwy, Gwynedd, and Denbighshire can attend.

To register for the taster event, visit www.creativeanddigitalcolwynnetwork.eventbrite.co.uk.

For more information on how the Enterprise Hub can help you start-up in business, visit www.hwbmenter.cymru. Alternatively, follow @hwbmenter on social media.  The Enterprise Hub is part Funded by the European Regional Development Fund through the Welsh Government.

Visit www.imagine.colwynbayheritage.org.uk for more on Imagine Colwyn Bay and the £1200 bursary available to support creative businesses in the Bay of Colwyn area.  Alternatively, email imaginecolwynbay@conwy.gov.uk

Retail

Is the High Street over? 61% of UK consumers predict the end of the high street

A look at the headlines in recent weeks paints a worrying picture for retain, with many of the UK’s high street chains teetering on the brink – in recent weeks we’ve witnessed the collapse of the Arcadia Group, Debenhams and Bonmarche – and Peacocks is desperately hoping for a rescue to save 5000 jobs.  The future of the UK’s high streets and the people who work in them has never looked more uncertain.  Meanwhile the rapid growth of Amazon and it’s dominance online and tendency to undercut their own sellers is giving rise for concern both in Europe and the US.

Researchers found that 61% of Brits are concerned that the British High Street is at risk of disappearing, with big-name store closures likely to permanently change the retail landscape.

Certainly, shops have been some of the biggest economic casualties of the pandemic. Following the second lockdown and now the prospect of the majority of us living under on-going restrictions under the tier system, the outlook for the high street is increasingly bleak.

So what does the future hold for our town centres?

From surveying 1,000 consumers in the UK, KIS unearthed some interesting findings including:

• 61% of Brits are worried the high street will disappear completely in the next ten years due to the ever increasing number of big-name store closures.

• Fashion, food, beverage and value brands are predicted to be the biggest victims of the high street due to online competition.

• Convenience is a key factor that affects our shopping habits.

Whilst the high street has been in decline for many years, the problem has accelerated at an alarming rate this year. According to research by The Local Data Company and PWC, the first half of 2020 saw over 11,000 outlets shut, which is double the amount for the same time last year.

Of course the pandemic has been the final nail in the coffin for many retailers, with the increasing popularity of online shopping intensified by the Covid restrictions.

Online sales soar to new heights

In February this year 19% of all UK retail sales were online, which represented a substantial increase over the last 10 years, as back in 2010 only 8.5% of purchases were made online. However the impact of the pandemic is clear to see, as by May this year 32.8% of sales were online. This fell slightly when the first lockdown restrictions were eased in the summer but has remained around 28%, still a substantial increase compared to pre-pandemic levels.

Shopping habits look set to change for good

Worryingly for stores, and the vast majority of us who will be sad to see the high street go, the habit of shopping online looks set to be the norm in future for many people. 87% of the UK now shop online, the highest compared to other European nations and even higher than North America where 84% of the population shop this way. In fact during the pandemic the UK has spent an additional £5.4 billion online.

With recent research finding that 66% of people don’t think the Government has done a good job in managing the pandemic, it’s also likely that many may continue to avoid physical shops due to fear of infection, in which case the domination of online sales looks set to continue.

Why are so many consumers choosing the online option?

Convenience has always been one of the benefits of online shopping with 64% of those in our survey stating that this was the key reason that they chose to shop this way.

It’s this desire for ease that is behind the phenomenal success of Amazon. With many customers placing convenience at the top of their priorities, the impact on both large and small physical retailers is devastating. In fact the success of Amazon is clearly one of the key factors behind the demise of so many outlets.

Why has Amazon had such a devastating impact on our high streets?

The unprecedented growth of Amazon over recent years has certainly had a massive impact on our shopping habits, which has in turn contributed to the decline of many traditional retailers.

Amazon’s mission is to enter and disrupt new markets, with the aim of dominating them, leading to many smaller retailers being pushed out. With 90% of us now turning to Amazon it’s hardly surprising that their profits have tripled during the pandemic. With so much money behind them it’s easy for Amazon to absorb initial losses in order to penetrate a new market and savagely undercut existing providers.

Amazon have successfully mastered the approach of being second to market, which has enabled them to copy what others have done and then utilise the Amazon infrastructure to undercut on price and speed. Certainly their speed of delivery has given sales a real boost during the lockdowns, attracting customers away from other online retailers who simply can’t compete.

Their ability to cross-subsidise in this way clearly gives them an unfair advantage over other retailers, as does their ability to minimise their tax liabilities in the UK. In fact in the last year their UK revenues increased by 35% whilst their tax bill only rose by 3%

Amazon even undercut their own sellers!

Amazon’s success in launching their own brand of products has even seen them undercutting other retailers selling on the Amazon platform. In fact Amazon boss, Jeff Bezos had to answer questions from Congress in the USA over whether they were using 3rd party sellers’ data to develop their own products.

The European Commission is also charging Amazon with ‘illegally abusing its dominant position’. The long term risk of this level of market dominance is that consumers are likely to see a reduction in choice and ultimately an increase in prices over time.

Job losses in the retail sector hitting an all-time high

Recent data by the Centre for Retail Research has revealed that 140,437 jobs have already been lost in retail in the UK this year, with the total predicted to reach 235,704 by the end of the year. The impact of this will be felt across the economy for years as people struggle to find alternative employment.
In comparison Amazon, who’s operations are largely automated, only expect to create 7000 new jobs in the UK, which will barely make any impact on the overall picture or go anyway to helping the UK economy recover.

So what needs to change if the high street is going to survive?

One trend that has emerged during the pandemic is the desire by many consumers to support local businesses. Whilst many of the big names are finding themselves in trouble, smaller independent retailers are stepping up and adapting their offering to fill the gap. Some have developed home delivery and online options for the first time which has helped them to reach a widder customer base.

We spoke to retail expert James Child, retail analyst at Estate Gazette, about this shifting pattern towards shopping local. James said :

“There has been a swell of goodwill for both retailers and community groups that have come together during these difficult times. Consumers will be more aware of the potential of local shopping than they perhaps may have been previously.”

Certainly, the desire for a sense of community appears to be strong at a time of great uncertainty and local retailers need to really tap into that now and find ways to maintain a loyal shopping base as we eventually move out of the pandemic.

Local retailers need to adapt to meet customer needs

James says:

“Customers are as loyal to businesses and stores as they are to brands. Tapping into this has always been paramount to success, the current conditions have allowed these retailers to showcase their offer.

In order to maximize this during this relative window of opportunity, these retailers shouldn’t always need to replicate what larger retailers do, as it’s their differences that often set them apart.

Increasingly people are willing to pay a little more to support local stores. I believe this trend will continue in a post-COVID19 UK, especially for those with disposable income.”

If independent businesses can adapt to changing shopping habits and demands then the high street may well survive, albeit in a different form.

As James says:

“Whilst it is true that consumers will be ready to spend, it is worth remembering the psychological impact that months of lockdown will have had on shopping and leisure habits. People may be more sceptical about spending time in busy enclosed spaces like shopping centres, but local high streets may be a more attractive proposition.”

Holly Andrews, Managing Director at KIS Finance says:

“As many large retail outlets close we may see a continuation of the pattern over recent years of vacant properties switching to residential use.

Certainly, there has been an increase in applications for bridging loans for those wanting to convert shops and offices into residential units. With the changes to the UK planning system proposed by the Government, the process of converting empty retail space into much needed housing could be one way to bring people back into central locations.

For this transition to work high streets need to find ways to reinvent themselves to remain a relevant space at the heart of our communities.”

Commercial Property, Property

Pure Commercial Finance Relaunch as Pure Property Finance

 

Pure Commercial Finance has announced a rebrand under the name of Pure Property Finance and has also announced the launch of its parent company, Pure Advisory Group.

In the last 14 months, Pure Advisory Group saw the launch of two new brands to sit alongside, at the time, Pure Commercial Finance; Pure Wealth Management and Pure Structured Finance.

Heading up Pure Structured Finance, targeting more complex debt structures and higher value transactions, is Managing Director, Andrew Hosford, while Paul Cox is the Managing Director of Pure Wealth Management, an independent financial advisory practice that he runs with fellow Director, Stuart d’Ivry.

Ben Lloyd, Managing Director of Pure Property Finance and Pure Advisory Group, says:

“When we set up Pure Commercial Finance back in 2013, we were solely focused on the commercial and residential investment market and at that time, we considered ourselves as commercial finance brokers exclusively. Since then, we have broadened our FCA permissions and added various regulated consumer products to our service offering residential 1st and 2nd charge with specialist teams within the business to service those client types.”

“With the emergence and growth of those teams it has seen our regulated consumer business catch up our investment business, so we took the view to make our name less niche and more in line with our broader offering.”

“This now closes the loop for Pure Advisory Group on a period of major investment into the diversification of what advisory support we bring to our clients across the various stages of their financial cycle.”

Currently across the group, there are 30 members of staff, with plans to employ more by the end of 2020, if Pure Advisory Group hits their growth targets.

The addition of two brands this year came after Pure Commercial Finance was named Best Commercial Broker at the Bridging and Commercial Awards 2019, as well as being nominated for three of their 2020 awards.