Aug 1, 2008

Profits are growing for specialist shopsBy Northampton Chron & EchoNorthAntset.co.uk

Traders in Northampton’s St Giles Street have reported an increase in profits even though six premises on the road are empty.

Twelve per cent of the 50 shops, eateries and pubs on the street are now closed, among the most recent being upmarket opticians Mode, Pickwicks cafe and the Right4Staff recruitment agency.

But Stephen Church, owner of Church’s and chair of the St Giles Street Forum, said profits at many of the businesses in the street were actually up.

He said: “I can’t argue with figures, there are more empty units than there were this time last year.

But last night I was at a meeting of the St Giles Street Quarter and 80 per cent of traders said their profits were up on last year.”

He said his business had enjoyed seven per cent growth in the shop, but more than 100 per cent growth in online sales.

He added: “The credit crunch does have something to answer for and that may be a significant reason for the closure of shops.

“But it’s clear that those retailers who do not just sit on their hands bemoaning the economic climate and petrol prices but work that little bit harder to provide service, value and innovation are those who are thriving.”

And Annie Rockley, owner of gift shop Peppertrees, said turnover at her business was up on last year as well. Read complete article.