According to Retail NZ, despite the big recovery in the economy over the past few months, 10,000 retailers are predicted to come close to going out of business over the next year. Despite recording zero locally transmitted cases of Coronavirus over the last few months, a few recent cases has shocked retail and has caused a drop in consumer confidence.

Surveys done by Retail NZ has shown that retailers have had a big drop in confidence, with thousands deeming themselves at high risk of going out of business in the next twelve months. To break this down further, 13% of retailers are not confident that hey will survive the next twelve months. 23 per cent of businesses responded that their business was on a knife-edge meaning that they could either recover or go out of business over the next twelve months.

On a brighter note, 64% of retailers that responded to the survey said that they are confident or very confident that they will still be in business in the next twelve months. This is however, a drop from the strong results of 74% that was recorded last month.

Retailers have suffered hugely with the lockdowns and a big factor that have kept them in business is the governments wage subsidy program. This subsidy has helped retailers keep their employees during this time.

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