Have you begun to make preparations in-store to offset the cost of the National Living Wage?
Just 37% of retailers who voted in RN’s poll this week have begun to prepare for the National Living Wage.
But one store owner I met at an event last month told me the new legislation could cost his store up to £45,000 a year. This huge cost, he said, had spurred him to start assessing business costs early, and by doing so, he has identified ways to cover the first year, at least.
In this week’s column in RN, Neville Rhodes points out that with the Living Wage set to rise a further 25% over the next four years, cost saving and price rises alone won’t cover the increased employment costs long-term.
His view – which is shared by many of the retailers we profile in RN each week – is that specialist categories such as food to go and e-cigarettes will make the difference.
Sustainable margins, he adds, have always been crucial for a business to grow, but they are never more paramount in the face of the National Living Wage.
Don’t forget to vote in this week’s poll on the Health Lottery.
Sorry, there are no polls available at the moment.