Retailers face a difficult time on the High Street

According to insolvency specialists, Begbies Traynor, up to another 15 retail chains are likely to follow the path of Woolworths into administration, with national chains as well as hundreds of smaller shops and businesses likely to create a void in the High Street.

Nick Hood of Begbies has said that the latest figures reveal alarm bells as shopping levels were actually down 8.4 per cent compared with 2007.

Even the big national retailers have experienced their sales falling by as much as 30 percent and a recent survey conducted by from YouGov of 2,543 consumers, revealed that they would be spending much less on Christmas than they did back in 2007.

The data comes after what has been described as a mixed week for retailers, as in the final run-up towards Christmas it is hoped that sales will lift by last minute purchases.

The fact that retail sales have made headline news across the UK is testament to hysteria that is rife amongst both retailers and consumers who are driving for an even harder bargain with the threat of deflation becoming an even greater fear.

Efficiency savings as well as bankruptcies are likely to see thousands of people employed in the retail sector lose their jobs.

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