31 March 2023

Bira CEO Andrew Goodacre comments on Spring Budget

I was hoping to provide some positive insight into the recent budget and what it means for the smaller retailer. The harsh reality is that unfortunately, it was not a budget for the indie retailer. Even the focus on economic growth was largely uninspiring. Instead, we saw confirmation that the energy support for businesses will be reduced significantly – from £6,000 per annum to £400 per annum for the average small shop. We can only hope that the lower wholesale prices for gas will soon result in lower bills. We also know that the national minimum wage will go up in April (from £9.50 to £10.42), and then the budget was quickly followed by the Bank of England raising interest rates. 

So, with so little coming from the government in its budget, I challenged myself to put in writing why I believe independent retail businesses should be supported. Here are some reasons why indie retailers make a positive difference:

  1. Support the local economy: Small businesses create jobs, pay taxes, and reinvest in the local economy, which can help to improve the overall quality of life in the community.
  2. Personalised service: Independent retailers often offer a more personalized shopping experience. They can take the time to get to know their customers and provide individualized recommendations based on their needs and preferences. It is the kind of service that large retailers have deemed unfashionable, but still welcomed by a large part of the population 
  3. Unique products: Independent retailers often offer unique and hard-to-find products that cannot be found in larger chain stores. These products may be locally made or sourced from small suppliers, giving customers a chance to purchase one-of-a-kind items. The supply chain is often local, thus helping the local eco-system
  4. Create a sense of community: Independent retailers often act as gathering places for members of the local community. They can host events, offer classes, and provide a space for people to come together and connect. This sense of community can help to foster a greater sense of pride and belonging in the area.
  5. Support entrepreneurship: Shopping at independent retailers can help to support entrepreneurship and innovation. Small business owners often take risks and try new things, which can lead to new and exciting products and services that benefit everyone.
  6. Good for the environment: Local shops, by definition, are a greener alternative for shoppers. Customers will make local, shorter journeys to their high street and reduce their carbon footprint by doing so. If the government is serious about reducing carbon, curating great high streets is crucial
  7. Levelling up: It is well known that retail contributes to levelling up. Retail is an opportunity for entrepreneurs and helps keep local economies vibrant 

So, a final message to the Chancellor. Independent retailers are an essential part of local communities and economies. These businesses are owned and operated by individuals or families who care about their local communities and economy. Don’t forget about us next time!