THOUSANDS of retailers may have suffered a bleak Christmas trading season, according to new data.
The research from Begbies Traynor, the insolvency firm, indicates that 3,011 retailers in Yorkshire were showing signs of ‘significant’ financial distress as of December 19, 2017 – a 20 per cent increase compared with last year.
The firm said this is a sign of the widespread challenges the sector is facing beyond the recent spate of high profile insolvencies.
Julian Pitts, regional managing partner for Begbies Traynor in Yorkshire, said: “The increasingly frantic promotional and discounting activity we are seeing this week across the high street is simply not having the same effect on consumers as it once did.
“UK shoppers are savvier than ever and prepared to search online for the best deals.”