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Retail inflation remains low as clothing and footwear prices keep falling

5 Aug 2024

Annual shop price inflation remained at 0.2% in July, according to the BRC-NielsenIQ Shop Price Index, the lowest rate since October 2021. Non-food prices remained in deflation, with an annual... Read more…

Men who stole thousands from small businesses sentenced

5 Aug 2024

Two men have been handed suspended sentences after stealing thousands of pounds from small businesses during a card-machine scam.
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Swansea shop stops selling luxury items as thefts rise

5 Aug 2024

Tying down products and stopping selling high-end items are among the measures one shop owner has taken amid a rise in shoplifting.
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The Ice Cream of the Crop on Merseyside wins two more awards

5 Aug 2024

A family-run business that "people come from everywhere" to visit has won two awards. John Hughes is the proud owner of West Kirby's Ice Cream Shop which specialises in creating every... Read more…

Small shop owners reject government’s Work from Home policy, warning they may lose 60% of customers

5 Aug 2024

Workers' rights plans guaranteeing the right to flexible working whenever feasible has led to small shop owners voicing strong concerns about its potential impact on their businesses.
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Pudsey shop gets into festive spirit early to support people on their ow

22 Jul 2024

It may only be July – but a shop in Pudsey is getting into the Christmas spirit by announcing festive plans to support people who will be by themselves.
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New campaign encourages people to support independent businesses in Midsomer Norton

22 Jul 2024

A ‘Shop, Dine and Visit Local’ campaign has been launched in Midsomer Norton with backing from businesses and Bath & North East Somerset Council.
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Barrowford shop owner gift wraps to raise money for cancer charity.

22 Jul 2024

Andrea Pinder, owner of the Presentations Cards and Gifts shop in Barrowford, North East of Blackburn in the Pendle district of Lancashire,  has raised £1,000 for the Rosemere... Read more…

King’s speech includes proposed bills to reform retail industry

22 Jul 2024

The King’s Speech in Parliament last week, which outlined 40 draft laws that the government is aiming to pass in the coming parliamentary session, included some that will directly affect... Read more…

Convenience Stores Top List of Services that Promote Local Growth

22 Jul 2024

The nation’s local convenience stores are the number one service for promoting local growth, according to new findings.
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Worldwide retailers seeking new ways to attract shoppers as spending slows

Posted on in Business News

Europe's cost of living crisis has benefited discount retailers, but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said this week.

Shopers

Luxury is also continuing to perform well, with hopes that China's reopening will give fresh impetus as a months-long post-pandemic splurge by Americans starts to end.

But "if you are not really offering the best price, and you are not luxury, then it is difficult," Thomas Harms, global retail leader at consultancy EY, said on the sidelines of the World Retail Congress in Barcelona.

Although price rises are slowing, retailers globally are still worried inflation will dampen consumer spending and are looking for new ways to attract customers.

In Europe especially, some have seen sales slow as high energy bills lead customers to buy less or cheaper food and clothes.

The rising cost of goods, declining consumer demand and unpredictable supply chains were the top concerns among retail executives and managers in a survey by Boston Consulting Group published on Tuesday.

And passing higher costs on to shoppers is likely to become harder: 72% of respondents said they expected consumers to be more price-sensitive this year.

Outside the discount space, retailers are getting creative to keep shoppers coming back, with many investing in loyalty programmes, price promotions, and improvements to the online customer experience, the BCG survey found.

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