The first half of 2023 will be particularly difficult, the British Retail Consortium predicts.
Shops across the country are facing a particularly difficult six months ahead as customers try to cope with higher prices by buying less, according to the body representing UK retailers.
"The first half of the year is likely to be challenging for households and retailers," said Kris Hamer, director of insight, at the BRC. This Christmas was the first with no Covid restrictions since 2019, and shoppers did return to High Streets in bigger numbers. However, footfall remained below pre-pandemic levels, hampered in part by rail strikes and severe weather."From a retailer's point of view there's been a perfect storm of pressures," said retail analyst Richard Lim.
Many retailers face a reckoning in January, as they calculate whether Christmas takings have been strong enough to balance slower business through the rest of the year.
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