New lockdown will cost high street £1bn

The latest coronavirus lockdown could cost retailers almost £1 billion in total, it was claimed – after First Minister Nicola Sturgeon confirmed shops and many other businesses must remain shut until the middle of February.

The Scottish Retail Consortium (SRC), which has previously estimated stores are losing out on £135 million of sales a week, said this could seen companies miss out on "almost £950m".

The latest coronavirus lockdown could cost retailers almost £1 billion in total, it was claimed - after First Minister Nicola Sturgeon confirmed shops and many other businesses must remain shut until the middle of February.

In addition to extending the lockdown, with its stayat-home order to Scots, Ms Sturgeon also confirmed schools and nurseries across Scotland will stay closed to most youngsters until at least the middle of next month.

The announcement came despite Ms Sturgeon saying there were now "some cautious grounds for optimism" - as the total of new Covid-19 infections reported in the last 24 hours fell to its lowest level this year, with 1,165 cases.

As the lockdown was extended, the Scottish Retail Consortium (SRC), which has previously estimated stores are losing out on £135 million of sales a week - said this could seen companies miss out on "almost £950m".

SRC director David Lonsdale said: "The extended lockdown is a further blow to non-food stores who have already borne so much during this pandemic.

"It's incredibly frustrating as retailers in Scotland have invested over £50m thus far making stores Covid-secure for customers and staff, and SAGE'S advice has said throughout that closing nonessential shops has a minimal impact on the spread of the virus.

"Scottish stores are set to miss out on almost £950m of lost revenues during the current lockdown period."