Boom in £1m flooring retailers
December 21, 2023
The number of flooring retailers with sales over £1m has jumped by 30% over the last year – now more than 10% of all businesses in the sector sell more than a million.
The figures have been compiled by The Furnishing Report based on HMRC data and show that the number of these bigger retailers has grown by 100 since 2022 to a total of 430.
The factors behind the rise are mixed between real sales growth, including the legacy of demand during the pandemic, and the effects of inflation which has remained exceptionally high in the floorcovering trade compared to the furniture sector as a whole and the level of general consumer price inflation.
The number of carpet and floorcoverings retailers with sales between £2m and £9.9m also rose sharply from 110 in 2022 to 140 today, while the number of traders with turnover over £10 million remains unchanged at 15.
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