Zempler Bank collaborates with the Fed on major report on retail innovation

(The Fed’s Vice President, Craig Etchells and Barbara Etchells at their shop on Barlow Moor Road, Manchester)

The Fed has contributed to a major report on the future of independent retail with key partner, Zempler Bank, which has now been published, highlighting the resilience and innovation in the sector, despite headwinds. More than 100 independent retailers and industry leaders provided input for the research including participation from the Fed.

One of those interviewed and highlighted as part of the report’s development was the Fed’s National Vice President, Craig Etchells, who owns and operates two shops in Manchester. The report evidenced the close connection between shops and their customers, reporting that 69% of independent retailers cited customer loyalty as a source of future confidence.

Craig said independent retailers reciprocated that: “As a small business, you will go above and beyond to keep people happy where you can. It’s those relationships and that personal service that make the difference.”

(Zempler Bank’s report showed that innovation remains strong in independent retail)

However, evidence of that close link between independent retailers and their customers was identified through a clear familiarity with the challenges they faced: 58% of retailers cited lower consumer spending as one of their biggest likely concerns. This came just ahead of rising operating costs and falling operating costs which was concern for almost half in both case. Other cash flow pressures cited included supplier payments, VAT obligations, rent and Business rates.

Despite the challenge of online competitors, 48% reported revenue growth and 63% stating growing online sales was an opportunity for them in the coming year.

(However, small retailers continue to face a range of cost pressures as the report’s data shows). 

Craig Etchells has raised similar views about the opportunities and challenges facing independent retailers in the past, including when he met with his local MP, Jeff Smith, last year at his shop in Chorlton when he was the Fed’s Deputy Vice President.

Zempler Bank is a British challenger bank founded in 2005 which provides digital business and personal current accounts across the UK with a particular focus on micro-businesses, sole traders and small and medium-sized enterprises (SMEs) like Fed members. A summary of the report and a full copy of it can be accessed here. 

To find out more about the Fed’s partnership with Zempler Bank, please view their page on the Fed’s website: https://thefedonline.com/partners/zempler-bank/.