More cards for retailer

Apr 21 2008 Evening Gazette

TEESSIDE is bucking a national trend in rising numbers of cash transactions, according to a major local retailer.

New research from the British Retail Consortium (BRC), which represents many of the biggest chains, revealed that cash is now used for 60% of all sales, up from 54% last year.

But Steve Cochrane, founder of Middlesbrough-based Psyche, said that, if anything, he was seeing a rise in the number of non-cash purchases.

He said: “I can’t say that I’ve noticed an increase in cash transactions. Generally, people are using a mixture of credit, debit and store cards.

“Retailers have introduced competitive deals on store cards. We have a 12-month interest free offer on wedding dresses and six months interest free on other products.”

But BRC director general, Stephen Robertson, said: “Hard-up customers are increasingly reluctant to spend money they haven’t actually got in their hands.”