On Monday, UK retail ground to a halt as businesses nationwide closed their doors to pay their respects to the funeral of Queen Elizabeth II. While it wasn’t mandatory for stores to close, it was highly unlikely that they would remain open given the somber national mood and the desire of staff to observe the event. Apart from a few stores that offered essential items, various retailers including fashion, beauty, independent shops, chains, and department stores all shuttered their operations.
In addition to physical closures, deliveries from webstores were also put on hold, although online shopping continued to be available. The scheduled London Fashion Week activities for Monday were postponed for the day. Some events were rescheduled to earlier dates, while others were moved to the final day of the fashion week, resulting in higher attendance than usual.
Following the Queen’s death, political activities in the UK have been put on hold, but this week is anticipated to witness a renewed frenzy of political discussions. With Liz Truss assuming the role of the new prime minister, the announcement of a mini budget is expected on Friday. Truss has already unveiled plans to impose a significant cap on consumer energy bills and is likely to introduce a winter support scheme for businesses this week. The mounting cost of energy has been a major worry for retailers and other businesses, as they are uncertain about the assistance they will receive.
The retail sector is also hoping for substantial changes to business rates, which have had a harsh impact on physical stores in recent years. However, the government and Members of Parliament (MPs) have only a limited time frame to debate and approve support measures due to the impending political party conference season, which was scheduled to commence on Thursday. To allow for more time, the Speaker of the House of Commons has proposed shortening the recess period and calling MPs back a week earlier.
Overall, the funeral of Queen Elizabeth II led to a temporary shutdown in the retail industry. However, with crucial political decisions on the horizon and persisting concerns regarding energy costs and business rates, the future of the sector remains uncertain. The upcoming days will play a pivotal role in determining the government’s support measures and their impact on retailers across the UK.
For more information on the Queen’s funeral proceedings, please visit link1. To stay updated on the latest news and developments in the UK retail sector, visit link2.
