A new survey from Notonthehighstreet has reported more than one in five small retailers said they will close its stores in the next year if Christmas is below average.
It was revealed that 22% of small and medium-sized retailers thought they would close within a 12 months amid a poor Christmas.
The Christmas period is vital for the UK retail industry as larger chains relying on sales over the festive period. The research from Notonthehighstreet raises possibilities of more bankruptcies next year.
A separate survey also revealed that 85% of the 2000 people surveyed said that they support local business. 11% of people surveyed also revealed not buying anything from smaller business last year.
CEO of Notonthehighstreet, Claire Davenport, said: “The research figures show that whilst Brits love to shop with small businesses and believe they support them, they aren’t quite putting their money where their mouth is.
“It’s clear that many smaller businesses are heavily reliant on the Christmas trading period and a below average Christmas could put them in a precarious situation when it comes to the long term viability of their company.”