Figures from business insurance provider Simply Business have indicated the kinds of retail outlet that might be better placed to escape corporate insolvency on the high street.
The company has published a survey of 30,000 businesses on its books, including percentage changes in how many of each type of company it insures.
Since last year, unusual businesses – from traditional sweetshops and health food stores, to fabric shops and craft suppliers – have all performed relatively well.
By comparison, more mundane sandwich bars, cafes, restaurants and pubs have all suffered, while supermarkets seem to have lost out to more specific retailers like butchers and bakers.
“Our findings show that independent retailers are increasingly looking to specialise or offer something different to alternative outlets, tempting shoppers with a more quirky, unique experience,” says Simply Business CEO Jason Stockwood.
The research is an indication that escaping corporate insolvency might not be achieved through generalising – even though that might seem like a good way to attract more customers.
Instead, offering a clear retail identity and a focused product range can potentially work wonders, as well as possibly reducing the cost of keeping the various shelves stocked.
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