The Australian retail sector’s performance in 2013 is the best recorded since 2008 and the key drivers were cafes, restaurants and takeaway food services, according to the Australian National Retailers Association (ANRA).
ANRA reached this result through its analysis of figures released by the Australian Bureau of Statistics on February 6.
The data shows overall retail turnover increased by 3.2 per cent to reach $8.1 billion in 2013.
Within this result, the food sector improved its year-on-year growth to deliver its best result in five years. Additionally, cafes, restaurants and takeaway food services increased the year-on-year result by 10 per cent in 2013, which is the best result since September 2010.
ANRA Chief Executive Officer Margy Osmond believes these impressive figures could indicate an even stronger year is ahead for food retailers in Australia.
“Today’s result continues the run of positive results for the sector which is now experiencing its eighth consecutive month of gains. Most states are now tracking at around six to seven per cent year-on-year growth in turnover which is a positive sign for the sector’s ongoing success in 2014,” said Mrs Osmond.
If you recorded a strong year in sales in 2013, now could be best the time to start thinking about expanding your business or venturing into new markets.
Before making the transition into larger enterprise opportunities, you may want to review your cafe insurance policy to avoid any unexpected gaps in cover.
Failing to update your insurance policy as your business grows can lead to your cafe being underinsured, which could affect your ability to make a claim in the future.
For more information on cafe insurance in Perth, contact the Bruce Insurance team today. We can offer a tailored insurance package to ensure your business has the right cover at the right time.