The Impact Of The Financial Crisis On The UK British Retail Industry
This study evaluates the extent to which the 2008 Financial Crisis impacted upon the UK retail industry, taking into consideration twenty British retailers sales, profitability, liquidity and solvency between 2004 and 2014. Unlike previous research, this paper uses a variety of economic indicators, namely GDP growth, unemployment and consumer spending, which have been found to have a particularly strong, direct impact on the retail industry during economic downturns. While the effects of the Financial Crisis on the UK retail sector have been mostly analysed in relation to the difficulties faced by a limited number of large grocery chains, the present study focuses on a variety of retailers offering diverse products and services, in order to gain a better understanding of the impact that the Financial Crisis had across various sectors within the retail industry. Linear and multiple regression analysis revealed that retailers sales were particularly vulnerable to the effects of the Financial Crisis and that consumer spending is the economic indicator whose variations had the most significant impact on the UK retail industry (especially on sales and profits) between 2004 and 2014. Finally, a-test was performed which revealed that there is a significant difference between retailers pre-crisis and post-crisis performance and that the Financial Crisis had a particularly strong impact on their sales and profits.
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