Friday 27 November 2020

Despite higher sales, Dutch high streets are still vulnerable, says ING

Photo: Arena73

After more than 10 years, retail sales in the Netherlands have risen to above pre-crisis levels. Nevertheless, the high street sector is very vulnerable warns a new report by ING, the Telegraaf reported on Thursday.

ING experts attributed retail sector sales growth largely to web shops, adding that their market share will only increase in the future. The bank said web sales accounted for 30% of all consumer electronics sales and for more than 40% of toys.

Large fashion chains such as H&M and Zara are already concentrating more on online sales and this cut into the opening of new stores, ING said.

ING is forecasting revenues in the retail sector will increase by 3% in 2018, putting the entire sector above the level of crisis year 2007.

The favourable economic situation is giving consumers more confidence while furnishings and DIY stores are doing especially well because of the booming housing market, ING said.

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