We all knew it wasn’t going to be long before the country slipped back into its financial crisis.  Whether you choose to believe the warnings of the double-dip creeping up round the corner, over recent weeks we’ve seen a handful of businesses fall into the economic cracks and file for administration.

And if you’ve been watching the news this week, you’ll have seen the next in line is family-run retail chain Peacocks, which is sadly facing closure after being in the business for over 100 years.

Despite reporting a 17% rise in like for like sales over the Christmas period, Peacocks’ apparent increased lending has finally led to its demise. With reported borrowings escalating £577m, CEO Richard Kirk clung to hopes of a potential buyer bailing them out. But as the story continues, that flicker of hope is slowly fading and it’s reported up to 10,000 jobs are at risk. Another substantial blow to the country’s unemployment figures.

Whether you believe it’s down to the lending from banks or the lack of inspiration on the shelves, we may not know for some time. But what we do know is Peacock’s isn’t the first high-street retailer to be hit by the harsh stick of recession and it certainly won’t be the last.

Now, I am not an expert on the economy. Nor can I claim I should be giving out advice on our country’s financial lending (although I do have some opinions!) but I do see myself as somewhat of an expert when it comes to spending, I’m what you might call, a shopaholic. In a time when we are working harder than ever to earn our crust, it makes us want to buy for ourselves the treats we deserve. Even in a difficult economic climate, I am still going out and spending in the retail market every month. And I know what gets me, and no doubt half of my generation’s population through the doors, purse in hand, when payday rolls round the corner.

Variety and Innovation

Browsing is the single most dangerous thing I can do to my bank account. Why? Because when a consumer “browses” they are not looking for anything in particular. Their criteria is not set. The customer is literally coming to you asking: “What have you got for me?” So a lack of innovation and variety on your shelves means your “browsers” become uninterested and you become predictable. You need to constantly update your products to the needs of the consumer. Because guess what, if we don’t find something we like, we go elsewhere.

Value for money

As a self-confessed expert when it comes to buying, I have an eye for detail. And  as a consumer, I want to be sure what I’m buying is worth the money you are asking for. Now, let’s not confuse this with quality over price. Each store has it’s own brand and market. For example, when I shop at Primark, I’m looking for a cost-effective option. When shopping at French Connection, I’m looking for quality. However, as consumers, we can spot the difference between higher prices and better value for money. These are 2 very different things. We’re not always looking for the cheapest option, it’s about getting the best we can for the money we have.

And finally…Reward

Now, by rewards, I don’t necessarily mean I want free stuff (although those who know me will know I’m not one to turn down a gift! #justsayin’) but for me, rewarding repeat business is one of the crucial things retail businesses miss out on time and time again. Recognise your loyal customers and acknowledge what their repeat business means to you. Why should I be loyal to you if I don’t feel you are going to be loyal to me? When I am rewarded, I want to repeat my business with you. I feel valued and next time, I’m likely to not only come again, but come more often. Form a partnership of trust with that customer in the service you provide. Whether I spend £5 or £500, I want to be treated as an individual. Call me anal, but after working for a business that is all about providing the best to our clients, I want the same from my suppliers. If there’s a problem with my product, or order, it’s unfortunate. These things happen. It’s how you react to it that I care about. Retailers that are proactive in their solutions as a provider will drive repeat business time and time again. Retailers that don’t, well, you lose our trust and eventually, we pick up our plastic and take it elsewhere.