Cost of living crisis crippling small businesses and causing closures across the North East
Written by Lauren Taylor on 16th May 2023
The cost of living crisis is crippling for many families but especially for small businesses across the North East that are struggling to cope with the ever rising prices.
With the price of not only stock items and materials but also the price of rent and gas/electric for shops, many businesses are facing their biggest fears of having to increase their prices or even close their shops.
Laura Graham who owns her own business called “Hair by Laura” is a salon that she runs from her home. She explains how the cost of living is rising for not only the produces that she uses for her treatments but also the water, heating, etc that she uses through her home for the business.
As a result of this, Laura has been forced to increase the prices of her treatment to cover the bills and help her earn an income out of working.
Business owner, Laura, commented: “I feel bad for having to increase my prices for my clients as if it wasn’t for them, I wouldn’t have a business, but I just have to do what I need to do to get by.
“The price of stocking basic items in the salon such as shampoo and conditioner are increasing rapidly and unfortunately to keep everything running and still make an income the only option is to increase my prices.”
Another local family business, BRITTONS greengrocers located in Cockfield, County Durham has been forced to close its doors after the increase in prices.
The company has announced that if the prices come back to a ‘sensible’ level then they would consider carrying on their business but at the moment it seems a long way off.
Owner, David Britton, said: “It was a really difficult decision that we had to make by closing our beloved store, but it was the decision we were forced into. We would like to thank everyone who has supported us for so long.
“We apologise to our customers and hope that we can one day return to the business but for the foreseeable future it just doesn’t seem possible with the cost-of-living crisis.”