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    The Doom Of Traditional Brick And Mortar Retailing

    [27th March 2018]

     

    Finance Monthly speaks to Richard about insolvencies in the hospitality and retail sector and the importance of seeking specialist advice as soon as your business sees any warning signs.

     

    How is the increasing popularity of online retailing affecting the brick and mortar retailing?

    I believe that traditional brick and mortar retailing is doomed and the evidence is all around us. I am not afraid to admit that I do most of my shopping online now, so, in a way, I am contributing to the realisation of my own prophecy!

    When I go to the shops, which is rare these days, I’m either being dragged around by my wife and teenage daughters or I am on a mission (like every man) to buy a specific item that I’ve already researched online. My observations are that there are many shoppers browsing but I don’t really see many people buying. Many retail outlets in shopping malls have more staff than customers. That’s how it looks to me anyway.

    This is not very scientific so far, I know. On the other hand, however, I do know that courier companies are doing a roaring trade delivering items purchased online. This is how I do most of my shopping these days. The convenience, the discounted prices, the money back guarantees, the great choice, etc. – it is the way of the future as far as I can tell!

     

    What do brick and mortar retailers need to do in order to adapt to the change?

    It might sound a bit extreme, but I think the operators of retail businesses need to rapidly adapt to the seismic shift in consumer behavior and wants or face extinction – or face certain insolvency. As an insolvency professional, I do have some ideas to offer my clients, on a case-by-case basis; one example of what could be implemented would be a hybrid system of retail.

    Read the full interview here: https://www.finance-monthly.com/2018/03/the-doom-of-traditional-brick-and-mortar-retailing/

    Please contact us on 0800 288 4088 or on info@rcmadvisory.co.uk if you have any questions or if you’d like to book a no cost and obligation free initial consultation."

    Richard Cacho

    Licensed Insolvency Practitioner (ICAEW) Director, RCM Advisory Ltd.

    Richard Cacho is a Chartered Accountant (ICAEW) and Licensed Insolvency Practitioner with over 25 years of business recovery, turnaround and insolvency experience.

    Freephone: 0800 288 4088

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