There is hope, however, that the sun-drenched start to spring and the Fifa World Cup in the summer could provide some much-needed support to the sector.

James Sawley, HSBC’s head of retail and leisure, added: “While it is not possible to deny that retailers are finding it incredibly challenging, there are some operators that are seeing their business models flourish.

“The discounters, online fashion retailers, food retailers and small, niche retailers are posting strong results and maintaining their margins.”

It is not all doom and gloom for retailers, but it would not be wrong to assume as much. The high streets are anything but thriving, and consumers are persistently reluctant to trudge the streets and prefer the comfort of shopping in their own living room.

It is therefore important that retailers are flexible and willing to adapt to the modern climate. To appeal to the lethargic and penny-pinching consumer, all retailers should update an attractive and easily accessible website, with the option for home delivery and online discounts. Maintaining a dedicated online presence is also important, with websites such as Facebook and Linkedin offering keen opportunities for advertising and boosting brand.

Of course, any new additions to business will demand monetary cost, and this is where approaching the Credit Protection Association will be a natural next step. Our debt recovery services will free up the necessary cash flow to provide the opportunity to explore new investment, while our credit management services will take steps to keep our members on the high street for the foreseeable future.