Marks & Spencer’s results were at a record low last quarter as the company has been affected by a combination of the recession and the excessive rain this summer. Retailers have been amongst those hardest hit during the recession as consumers tighten their belts. In the last 12 months the retails sector has suffered some high profile failures. Brands such as Clinton Cards, Peacocks, Game Group, Jane Norman and Habitat have fallen into administration. Other retailers including HMV and JD Sports have announced the closure of a number of their stores as the recession bites.
It is important to focus on cost control during these difficult times and managing your business effectively. Companies require experienced accountants in order to improve their internal procedures and there is a growing need for specialists such as Belsize Accountancy to provide that competitive edge.
The difficulties faced by big business provides opportunities for small to medium sized enterprises as they begin to lose touch with consumers once they slash overheads and close stores. Consumers themselves are looking to cut costs or move elsewhere to receive an improved personalised service.