SRC Outlines Recovery Plan Ahead of Holyrood Election
- 13,000 Scottish retail jobs lost between 2016-2018
- £3.48bn annual turnover loss from 2014-18
- SRC’s recommendations to the Scottish government ahead of Holyrood election on May 6th
- Policy moratorium for one year post-Covid to allow businesses to recover
- Retail industry at ‘very apex of current retail revolution’
- Covid accelerating existing trends in retail
- Worst ever retail sales figures in 2019
- 6-year peak in shop vacancies
- Shopper footfall slumped by a third
- 3 years of 13,000 job losses and £3.48bn turnover reduction since 2014
A new report by the Scottish Retail Consortium (SRC) reveals that between 2016 and 2018, 13,000 retail jobs were lost in Scotland. The ‘Road to Retail Recovery’ paper also highlights a £3.48bn annual turnover loss from 2014-18, which is expected to worsen when the full account of 2020 is reported. To tackle the decline in traditional retail, SRC has outlined recommendations for the Scottish government ahead of the Holyrood election on May 6th. The group calls for a policy moratorium for one year after Covid-19 to allow businesses to recover. David Lonsdale, director at SRC, states that the industry is at the ‘very apex of the current retail revolution’, with Covid accelerating existing trends like driving customers towards digital and putting retailers under unparalleled pressure. He adds that 2019 saw the worst-ever retail sales figures, a six-year peak in shop vacancies, and a third drop in shopper footfall. This follows three years of 13,000 job losses and £3.48bn turnover reduction since 2014.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (Scottish Retail Consortium) about the negative impact of Covid-19 on retail industry in Scotland and presents recommendations to tackle the decline. It also includes relevant data and quotes from an expert in the field.
Noise Level: 3
Noise Justification: The article provides relevant information about the decline of retail in Scotland and offers some insights into the impact of Covid-19 on the industry. However, it lacks a thorough analysis of long-term trends or possibilities, accountability for those responsible for policies that may have contributed to the decline, and does not offer actionable solutions or new knowledge beyond the SRC’s recommendations.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the decline in retail industry and job losses which can impact companies’ financial performance and potentially stock prices.
Financial Rating Justification: The article talks about the negative impact of Covid-19 on the retail industry, job losses, and reduced annual turnover, which are all relevant to financial topics and can affect the performance of companies within the sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
www.retailsector.co.uk 
