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New Consumer Duty comes into force

1 Aug 2023

In what the Financial Conduct Authority has described as “a step change in standards of consumer protection” new Consumer Duty regulations have come into force for all products and... Read more…

US audiobook platform Libro.fm launches to indie bookshops in UK

1 Aug 2023

Independent bookshops in the UK can now sell audio books through Libro.fm. Launching in the last couple of weeks in the UK, the digital audio book platform, which already partners with... Read more…

From Cash to Contactless – IRC Leads Study on Payment Trends in Retail

31 Jul 2023

The Independent Retailers Confederation (IRC) will be working with key financial institutions within the UK to gauge the shift in retail payments.
 
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Retailers call for CCTV grants as shoplifting rises 24% year on year

31 Jul 2023

Independent retailers are calling on the government to offer security grants so that stores can be better equipped to deal with shoplifting, which has risen by a quarter in England and Wales in... Read more…

Indie retail finalists named in the 2023 Speciality & Fine Food Fair Awards

31 Jul 2023

The shortlist has been announced for the 2023 Speciality & Fine Food Fair Awards, which celebrate innovative products and inspiring independent retailers in the world of artisan food and... Read more…

ActSmart partner Tyl by NatWest leads the charge with new Tap to Pay

19 Jul 2023

Apple has announced that Tap to Pay on iPhone has now rolled out to the UK, enabling small businesses to accept Apple Pay and contactless card payments using nothing more than their... Read more…

Union launches blueprint to save the future of retail sector

19 Jul 2023

Shopworkers’ union Usdaw has launched a blueprint to secure the future of the retail sector, which includes calling for the levelling of business taxation between online and in-store... Read more…

Your views are needed on the 2023 State of the Workforce Survey

19 Jul 2023

Bira is supporting and urging retailers to participate in the 2023 State of the Workforce Survey, which is being run by People 1st International, part of The Workforce... Read more…

Jewellery sector’s Inspiring Independents 2023 - the top 100 independent jewellery and watch retailers - recognised by the industry

18 Jul 2023

Industry magazine Retail Jeweller’s list of Inspiring Independents 2023 - the top 100 independent jewellery and watch retailers from across the UK and Ireland, as voted... Read more…

Family-run jewellers celebrates its centenary by giving back to the community.

17 Jul 2023

A family-run jewellers in Kendal, which reaches its centenary this year, is putting giving back to the community at the heart of its celebrations.
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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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