Retail turnover rose 1.2 per cent in January 2014 following a 0.7 per cent rise in December 2013, according to the latest results released by the Australian Bureau of Statistics (ABS). While many individual markets saw high turnover, takeaway food rose by the highest amount.
Cafes, restaurants and takeaway food saw a 2.0 per cent turnover rise, household goods saw 1.5 per cent and department stores 2.6 per cent. Changes in retail strategy among businesses may have contributed to the revenue increase, as well as retail branding overhauls.
“It is important to understand that this growth is off a low base and not all retailers are seeing this growth. Our members report to us that performance is patchy from sector to sector and across different parts of the country,” said Trevor Evans, National Retail Association (NRA) CEO
The Northern Territory saw 3.3 per cent growth, Tasmania 1.8 per cent and New South Wales 2.1 per cent. Victoria experienced 1 per cent turnover growth. The other states, however, saw turnovers partially fall.
“There’s no doubt this is a pleasing result for retailers,” he explained.
“It continues a run of steady growth that is now unbroken since August last year.”
New payment technologies and an increased retail branding are likely to further increase turnover in the coming months, making 2014 a strong year. Particularly, technologies such as POS card readers for mobile devices will allow industries to expand into new markets.
For example, a small retailer will be able to sell goods from market locations and trade shows by taking payments through a mobile device. This way also ensures payments are made directly to the retailer.
Efforts in branding and investment in new technologies could help retailers this, and any subsequent growth will mean retailers can expand into different markets and adopt new technologies.