26th May 2022 in Business
Even now that our high streets have begun to return to a sense of normality, it is no less challenging a time for high street retailers.
Retail Analysts Springboard have noticed an approximate 30% drop in the average UK footfall across our high streets, showing that they have not yet recovered from the impact of the pandemic. Springboard is now predicting a further 10% fall in 2022.
In the face of adversity, however, comes opportunity. CEO of retail management provider AirPOS, Marty Neill, says that now is the time for local businesses to invest to help protect themselves from a potential economic downturn, to open new sources of revenue, or even to increase their profitability.
There is less funding available in Northern Ireland than in other parts of the UK so it can be difficult to know where to turn. Most government funding in Northern Ireland is currently reserved for start-ups or training, advice, mentorship and tendering opportunities for established Small and Medium-sized Enterprises. According to Marty Neill, however, there are still a few avenues open to established businesses.
Marty added: “The majority of support comes through rates relief which is applied for directly through HMRC. Local councils and chambers of commerce are also invaluable resources for connecting local businesses to available grant funding. The NI Business website is another worthwhile resource and is regularly maintained. It can assist in finding out what support is available for a specific business case.”
AirPOS recommends speaking to your local council’s business support unit and your local chamber of commerce for details of what support is available for your business.
For more information contact via their website at airpointofsale.com or phone 0808 168 1028
By Cathaoir McKay, Excalibur Press