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Worst year for retail in 25 years, says trade body

The British Retail Consortium (BRC) said total sales fell 0.1%, marking the first annual sales decline since 1995.
Sales in November and December were particularly weak, falling 0.9%, the BRC said.
A separate report from Barclaycard found a rise in consumer confidence had failed to boost festive spending.
The payments firm, which processes nearly half of all UK debit and credit transactions, said that consumer spending growth had declined if inflation was taken into account.
Helen Dickinson, chief executive of the BRC, said: "Twice the UK faced the prospect of a no-deal Brexit, as well as political instability that concluded in a December general election - further weakening demand for the festive period.
"Retailers also faced challenges as consumers became both more cautious and more conscientious as they went about their Christmas shopping," she added.
Are these figures too gloomy?
The BRC's figures do not include the entire retail market. For instance, its survey excludes some fast-growing online retailers, including Amazon, which some experts reckon now account for some 20% of online sales.
However, its chief executive told the BBC Today programme she felt the figures did give "an accurate picture".
Ms Dickinson said: "These figures are not an estimate, they are full sales data from retailers that represent the majority of retail sales."
She added: "While it is not 100% of retailers in the country, some businesses that aren't included will also be compensated by those that have gone bust."
The BBC's business correspondent Emma Simpson says: "Figuring out what's going on in retail can be a bit of a jigsaw puzzle, and this is certainly a very large piece, particularly when it comes to reflecting how our biggest, traditional, chains are faring."
What is the difference between total and like-for-like sales?
Total sales figures look at all sales, while like-for-like data compares sales from shops that were open the previous year, stripping out the effects of expansion in a business.
Like-for-like retail sales climbed in December, but that was due to a relatively late Black Friday, the BRC said. Once November, was included to include this distortion, like-for-like sales dropped 1.2% compared with the previous year, it said.
Despite the drop in total sales last year, the volume of sales was still higher than in 2017.
Payments company Barclaycard said in a separate report that supermarket sales contracted by 0.9% in December, while sales at specialist retailers such as toys and gaming stores fell 4%.
However, it picked out some bright spots, noting cinema sales rose by 19%, helped by blockbuster releases including Star Wars: The Rise of Skywalker and Frozen II. Spending in pubs and takeaways also rose over the festive period.
Which shops struggled last year?
It's been a tough year for High Street retailers with several shops either going into administration or announcing job losses in 2019.
Mothercare UK, Bonmarche and luxury jeweller Links of London all went into administration last year.
Meanwhile, Philip Green's Arcadia retail empire, HMV and Debenhams both announced significant store closures.
source: BBC
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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