Retailers are in uncharted territory and the full impact of Coronavirus is still unknown. Social distancing and the fallout from the pandemic will require businesses to take a fresh look at their operating model, including relationships with landlords and suppliers, labour productivity and increased digitisation.
How retail leaders plan for recovery will be critical to the long-term success of their business and the return of consumer confidence will be key.
But how might shopping habits change long-term with the boom of online seen in 2020? Ultimately, the UK has a consumer led economy so demand will always be there, but gaining market share and addressing online presence vs physical stores will be key. ‘Planet, people, cash’ should be the mantra as businesses move forwards into the ‘new normal’. A keen focus on digital will be essential.
At RSM, we have a cross-service team of experts working across the retail sector, using our insight and experience to help clients navigate what will be an ever-evolving landscape.
How we assist our clients
We’ve been busy advising clients on the impact of Covid-19 including:
- refining cash flow forecast models;
- accessing funding and restructuring advice;
- workforce planning including legal, HR and tax advice;
- accounting and tax advice;
- technology implementation; and
- risk advisory.
As businesses look beyond survival to the opportunities for growth, our services to support them include audit; accounting and tax advice; financial remodelling; technology implementation and risk advisory; corporate finance, M&A and restructuring; legal and HR; payroll and more.
Our specialist retail restructuring team can assist with CVA implementation, developing an effective turnaround strategy, simplifying corporate structure, optimising the outcome of formal insolvency, securing an appropriate funding solution and more.
VAT and duty changes
Brexit has bought about many challenges for retailers selling into the EU. During 2021 we will see several additional tax changes that will impact how the UK trades with the EU under their proposed eCommerce reforms. Our VAT team can assist with the nuances of these changes and propose tailored plans to suit your needs.
Do you need help to achieve your objectives?
Get in touch with Jacqui Baker our Head of Retail to discuss how we can assist you in achieving your strategic plans.