Almost 7% ‘Incredible’ Increase in Charity Store Revenue
Revenue per charity store has increased nearly seven percent from before the pandemic, new research shows.
The member organization, the Charity Retail Association, has released its latest quarterly analysis, for the period June to September, which is based on figures from 56 charities operating more than 3,000 stores.
The CRA called the results “remarkable” as there was a 6.8% increase in revenue per store compared to the same period in 2019, despite significant difficulties for stores due to the pandemic and staff recruitment problems.
The average transaction value has also increased by over £ 1 to £ 6.90 and 70% of those surveyed said they now sell online with those sales averaging 2.4% of total income.
The CRA said that growth was fueled by the fact that charity shops were seen as the place to go for profitable products that offer good value in times of economic uncertainty.
A second factor is the increased interest in sustainability and environmental issues, especially among young people, according to the membership organization.
The CRA said this not only created a reliable source of inventory, but also a large group of people choosing to shop at charity stores as an antidote to fast fashion to reduce their carbon footprint and as a sign of their commitment. to reduce waste. .
The researchers also found that 70 percent of those surveyed had difficulty recruiting staff and 56 percent said staffing levels negatively impacted earnings.
Robin Osterley, Chief Executive Officer of the CRA, praised the industry’s hard work, creativity and diligence.
“I realize that a fantastic set of results for the sector as a whole does not necessarily mean that an individual charity is doing well,” he said.
“I know some of you are still suffering from the aftermath of the worst year any of us would have experienced in our lifetime as a trader; or maybe even in our lifetime as a whole.
“Nonetheless, taking the UK position as a whole, this is an incredible set of results.”