‘Retailers’ cash is stronger than expected, but the outlook has weakened’

James Sawley

HSBC UK head of retail and leisure James Sawley takes the temperature of retail performance and finances as a new lockdown begins.

Seven months ago, we as bankers were dealing with a flood of requests from retailers to provide liquidity and waive or reset covenants to get our clients through what was about to hit them. 

We had no prior knowledge of pandemics on which to base our assumptions, no idea when stores would reopen, no idea how online would perform and we hadn’t even heard of social distancing, let alone be in a position to predict its effect on trading. 

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.