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READ MOREUK high street faces post-Christmas ‘flurry of failure’
The high street could face a “flurry of business failures” in the new year, as a lacklustre Christmas sales period is leaving retailers low on the funds needed to cope when households tighten their belts after the festive season.
“We can expect more consolidation and high street casualties as we head into the new year. It will be yet another tough year for retail and a case of survival of the fittest,” said Paul Martin, UK head of retail at KPMG.
In its monthly report, the Retail Think Tank, a partnership between KPMG and Ipsos, forecast the opening quarter of 2023 would be the most challenging of the year ahead, but said there would be winners and losers with some retailers – such as discount chains – likely to fare better than others.
The thinktank’s predictions come after the volume of retail sales unexpectedly fell in November as Black Friday discount deals and football’s World Cup failed to boost spending, with the cost of living crisis forcing households to cut budgets.
“Rising inflation, rising costs and flattened sales all took their toll on the health of the sector,” Martin said.
Read more at The Guardian
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