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Retail workers face money challenges at alarming rate

31 May 2023

A report published by financial institution Claro Money’s wellbeing division on the effects of money worries for retail workers found that 73% of retail workers feel negatively about their... Read more…

Federation of Independent Retailers says more needed to be done to support smaller businesses in Wales

24 May 2023

Whilst it has welcomed some elements of the Welsh Retail Action plan, the Federation of Independent Retailers (the Fed) said more is needed to be done to support smaller businesses.
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Nearly half of customer service staff consider quitting over growing customer abuse

22 May 2023

More than two-fifths (44%) of customer service staff are considering leaving their roles due to increasing levels of cost-of-living fuelled abuse from customers.
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Friendliest high-street businesses include hairdressers and coffee shops, reports new study

22 May 2023

More than half of Britons (55%) say they have received helpful life advice from a local small business owner, new research reports.
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Mixed picture emerging about Coronation effect on retail

9 May 2023

A mixed picture is emerging about the effect of the Coronation weekend across the UK's retail sector.
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Nominations open for British Business Awards 2023

9 May 2023

Nominations have opened for the 2023 British Business Awards.
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Independent retailers look to loyalty schemes to keep up with supermarkets

9 May 2023

Independent retailers are racing to keep up with rivals and retain customers as the battle for loyalty intensifies among supermarkets.
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Government urged to reinstate Tax Free shopping with UK Retailers missing out as sales surge across Europe

9 May 2023

The European retail sector has enjoyed its best month for international spending on Tax Free goods since the end of the pandemic after sales surged by 40% month on month in March 2023, taking... Read more…

Consumers feel protective of independent shops and want to support them for their ‘social good’

27 Apr 2023

New research has found that consumers feel protective of independent shops and want to support them for their ‘social good’.
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Worldwide retailers seeking new ways to attract shoppers as spending slows

26 Apr 2023

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... Read more…

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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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