The Retail Market – News & Views Presented to:London Business Interruption Association Presented by:Catherine Rawlin, Partner Mark Jennings, Senior Manager.

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Presentation transcript:

The Retail Market – News & Views Presented to:London Business Interruption Association Presented by:Catherine Rawlin, Partner Mark Jennings, Senior Manager Date:4 February 2013

Health of the retail industry (ONS, Retail December 2012) 4 February 2013 The Retail Market – News & Views

Year-on-year growth patterns for December (ONS, Retail December 2012) 4 February 2013 The Retail Market – News & Views

Internet sales (ONS, Retail December 2012) 4 February 2013 The Retail Market – News & Views

The demise of the High Street (retailresearch.org) 4 February 2013 The Retail Market – News & Views

Already in 2013… Blockbuster HMV Ethel Austin Jessops 4 February 2013 The Retail Market – News & Views

But it’s not all bad news… 4 February 2013 The Retail Market – News & Views

Issues in retail business interruption claims - Scenario Store in large supermarket chain in South East England Devastating fire on 20 November 2011 Re-build and restart trading on 30 September February 2013 The Retail Sector – News & Views

Mitigation efforts Smaller, temporary version of store built in car park Customers directed to other local stores and on-line ordering Also, buses laid on to transport customers to nearest store Marketing of a) actions taken and b) re-opening of store Discounts given 4 February 2013 The Retail Sector – News & Views

Basis of claim for loss of gross profit Expected sales: based on a forecasting model used by the business day to day. Expected rate of gross profit is based on the year to date for What issues would need to be considered? 4 February 2013 The Retail Sector – News & Views

Examples of issues on loss of gross profit Reliability of model Seasonality – sales & gross profit rate Make up at other local stores or via on-line sales Recovery on re-opening (the competition did some marketing too!) 4 February 2013 The Retail Sector – News & Views

Examples of issues for increased costs of working and savings Cost/benefit of mitigation activities Potential increased costs at nearby store Transfer of labour Fixed cost savings at the affected store 4 February 2013 The Retail Sector – News & Views

Other issues on retail claims Viability of business Losses at distribution centres Wide area damage following natural catastrophe 4 February 2013 The Retail Sector – News & Views

4 February 2013 The Retail Market – News & Views About RGL RGL Forensics is an international firm of accounting, valuation and technology professionals who are specially trained in discovering and defining financial value. The firm establishes relevant facts and reliable figures for insurance, legal, corporate and public sector clients and has done so for over 30 years. In 23 offices on four continents, RGL combines the skills and experience of its professionals with the financial models, methodologies and technologies that meet or exceed global standards for evidence. For more information about RGL and its 23 offices worldwide, please visit rgl.com.