Independent business owners in the city centre have spoken out about their fears for the future as the cost of living and energy crisis continue to skyrocket. It comes as an increase in the energy price cap was announced on Friday, amid protests outside the headquarters of E.O.N in Nottingham.
It's been a difficult year for small business owners who are already trying to recover from Covid restrictions and lockdown closures. The war in Ukraine, Brexit and shipping shortages have also created chaos to pricing and supplies.
However, the ongoing energy crisis and cost of living increases are creating the most significant strain for small businesses as they fight against having to increase their prices to stay competitive. The crisis may shape the future of British high streets and independent retail for months to come as the UK is thought to be entering a recession.
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In Nottingham city centre, Hockley has the most amount of independent shops, bars and cafes along with Sneinton market. Shop owners are concerned that this could mean customers will start to cut back to afford their daily items.
Sam Hamling is the manager of Ice 9 which is on the corner of Goose Gate in Hockley. The store is well known for serving the city's alternative community with everything from beautiful jewellery to smoking supplies and circus trick items. It has been in the city centre for 43 years.
"I've certainly noticed an increase and we are concerned about our electric and gas as we have a large premises here. We try to keep the shop floor a certain temperature which means either air conditioning or heating in the winter so it's been noticeable already," she said.
"We've been here around 43 years now but the future is certainly going to be difficult for us. We are well-established and we would like to think we will ride it out, but we are concerned. Our suppliers are having to put their prices up for our stock but we are trying not to have to increase our prices too much. There will have to be some. The whole thing is concerning."
Shaun Hoolan is the owner of Wild vintage clothing on Broad Street. He says the difference between bills this year compared to the last is noticeable. Wild stock a huge variety of clothing and accessories and have been located on the street for 39 years. They will celebrate their 40th in April.
"There has definitely been an increase in bills as our electric has gone up. It's at the back of your mind all the time even during the summer when you have the fans on, you worry how much extra that is costing you this week. The costs are going up but we aren't putting our garments up in price because we have to remain competitive despite our costs going up," he said.
"Running this business is no different from running my own home in that every penny is important. At the minute, you are watching every penny but this time last year, I wasn't doing that. There should be some help from somewhere whatever that might look like."
Ed Wilding is the manager of Paramount Framing on Broad Street. The business took over the premises from Mushroom Books and moved into the location in 1986. He says that the materials that they use in their framing have increased dramatically.
"The price of the glass we use has more than doubled as it's something that takes a lot of energy to produce. Our other material costs have gone up about 25 percent but we use glass in every picture," he said.
"We will have to increase our prices in September as we have no choice. In the summer, when it's quieter, you don't want to stop people coming in with business as it's important to get as much in as possible. As with every firm, it's a balancing act between encouraging turnover and maintaining profitability. In the short term, we have been prepared to take a hit on profitability."
He added: "The biggest thing for us will be people's loss of disposable income. When people start cutting back on their spending that they don't have to undertake, we are going to be one of the things that people will postpone or simply not be able to afford any more."
Thundercat Tattoos have been based on Goosegate since 2019 and are noticing a change in people's disposable income. The artists are finding that they have had to increase their prices. Abbie Tomkins is a receptionist at Thundercat and she has noticed a difference in people coming in for tattoos.
"We have been told the bills are going up so we have been asked to increase our prices to keep up with the costs. Everyone is feeling the effects of it at the moment. If the costs keep going up then we will have to keep increasing our prices to keep up with it," she said.
"It's been quiet here at the moment but that's normal for us during the summer months. It's not as popular when people are on holiday but we have seen a bit of a difference with people saying they can't afford things. They are having to focus on paying their bills and things so tattoos are becoming a bit of a luxury."
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