AI summary
UK charity shops face a crisis as online secondhand platforms slash profits, threatening the traditional fundraising model that supports vital social services.
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UK charity shop profits plummet amid shift in secondhand clothes market
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Oxfam describes ‘exceptionally challenging’ trading after retail profit reportedly fell 23% year on yearProfits at some of the UK’s best-known charity shops have plummeted as they face a number of pressures, including from online secondhand clothes platforms, prompting claims that a key part of the sector’s fundraising model could be under threat.According to unpublished accounts seen by the Financial Times, Oxfam’s retail profit fell 23% to £4.9m in the last financial year, compared with £6.4m in the previous year. Continue reading...
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