Dressed For Success
Here at Lewis & Co, we’ve noticed a few independent retailers opening up in our local towns, including some clothing boutiques. After a difficult time for retail, it’s really promising to see small business owners feeling now is the time to take the plunge.
According to the Office for National Statistics (ONS) non-food stores sales volumes (the total of department, clothing, household, and other non-food stores) rose by 3.5% in May 2024. This was the largest monthly rise since April 2021. Within non-food stores, there was strong monthly growth for clothing and footwear retailers, furniture stores, and sports equipment, games and toys stores.
While people do still enjoy a day out at large shopping centre, there is also a movement away from ‘fast fashion’ towards a ‘slow fashion’ movement. Some consumers are actively trying not to buy so many clothes from the big retailers, instead opting to buy preloved items or shop locally and support small retailers.
Many of us would rather buy a coffee from an independent on the High Street, than give money to one of the chains. In the same way, consumers often feel happier buying from a boutique who they can get to know, follow on social media and want to support. Sometimes, of course, we simply want to try something on before buying it and shopping at a local independent retailer is a perfect way to do this.
Here at Lewis & Co, we count a number of retailers among our clients – including Southborough Computer Centre and Chests & Drawers – on our doorstep here in Kent. Across the South East, we also support retailers including a bridal shop, some small boutiques and a couple of hardware stores.
When it comes to clothing boutiques, as with other retailers, cashflow, reconciliation and stock control are issues which affect them more than other businesses. During the launch phase, for instance, there is bound to be an initial investment in stock and then, moving forward, regular purchases of new stock. We are there to support our clients and make sure that what happens on the shop floor is translated into figures we can use effectively when it comes to submitting their accounts.
Depending on the store, there might even be some purchases in cash, so that could make bookkeeping they are expected to do, more complex than for many other businesses. Also, working on the shop floor all the time a store is open can be time consuming and tiring for an owner. Like any business, owners need time to order stock and do marketing and associated admin, as well as bookkeeping. For that reason, they could well take on part-time staff and, if that’s the case, we can help with payroll. In addition, we can offer other services, such as VAT planning and advice.
Today, many of our retail clients also sell online and we can support them with the ecommerce side of their business.
If you’ve got any questions at all surrounding retail, then please do contact us on 01892 513515 or info@lewisandco.biz