(PRWEB) April 12, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, PwC, reports on research done by Deloitte that shows retail administrations in Q1 2012 jumped by 64% on the previous quarter, when 42 retailer’s businesses failed. These numbers contrast with the number of companies falling into administration, excluding retailers, in Q1 2012, that saw a decline of 10%, from 497 in Q1 2011 to 447.
Deloitte’s recent Store of the Future report, also described how retailers need to redefine their store proposition and focus on changing client needs. According to Big4.com, the report suggests that some retailers may have to reduce their property portfolios by up to 40% in the next five years and adapt to meet these changing demands.
Lee Manning, restructuring services partner at Deloitte says the recent numbers are especially important in terms of jobs lost.
“The first quarter of 2012 is particularly significant given the high profile nature of the companies we have seen enter administration: Peacocks, Game, La Senza, Blacks and Past Times,” he says. “ The number of job losses that came as a result of these administrations was almost 10,000 out of the 22,000 employed by those companies. In contrast, Q1 2011 saw far lower levels of job losses. Overall, for 2011 and the first quarter of 2012 the largest 15 retail insolvencies had 2,800 stores and only 1,350 stores have survived; an attrition rate of 52%.”
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