Retail sales January 2023

Unfortunately, we have had to close our store. This is absolutely heart-breaking. We survived a pandemic, we survived the post-Covid change in shopping habits and now, three years on, we have had to close our bricks and mortar store. We are now fully online. But at some point very soon, if not already, our high streets will become ghost towns. We will do our utmost to drive sales through our website and offer more bespoke products, but competing with major online retailers is a monumental challenge.

Since July of last year, sales have continuously dropped. January was no exception, with a huge drop in sales of 80% compared to January 2022 and a 50% drop in visitors to our site. Our return customers are up on last year and this is now where we are concentrating our marketing. With the cost of living crisis and accessories not a necessity, our challenge is to make enough sales to keep the business viable. As an online-only business and with no employees, our main cost is stock so managing our stock levels is going to be crucial. We can't hold onto too much stock but enough for demand. I think 2023 is going to continue to be tough for us as a small business and don't see it improving as consumers continue to watch what they spend.

January 2023 has been my worst January ever. I have found in the past that January can be my busiest month, especially when having a January Sale on. This year, I did get customers, and I did have sales, but far fewer than I had been expecting. The current challenges are trying to keep afloat at a time when everything is costing more. Shop rent, stock costs and utilities are all up, while many customers have less to spend given the cost of living crisis. As a whole, I am an optimistic person, and I know that my regular customers who can buy gifts will turn up. I am trying to do what I can to boost my website. The Government needs to reduce the business rates and extend the payment terms for the bounce-back loans to help all small High Street businesses like mine.