Friday, 18 December 2020 News
charity shop closures
Northern Ireland charity shops are struggling with sales declines despite enjoying bumper stock levels following a surge in donations after households “decluttered” during lockdown's in the middle of the year.
I have seen a steady stream of property listings in the last quarter as national and local charity shops close stores on our high streets.
For some 23 years I have advised The British Heart Foundation (BHF), which has around 750 shops throughout the UK and they have advised me income is currently down substantially in Northern Ireland.
The rolling lockdown's have devastated charities which rely on shops for a significant chunk of their income.
As we enter a further six week lockdown from boxing day, this will create further cash flow problems for many charities and lead to more closures.
My client has made the hard decision to close one of their stores in Omagh at the lease end in Feb 2021.
I suspect many more businesses will close in the first half of 2021, if they have a lease end or break's.
If you are making the decision to close, remember to review your lease and take advice on your exit.