New Year will be challenging for retailers, BRC

02 Jan '08

1 min read

With shoppers facing tough personal finances, many retailers will be offering big discounts during this January's sales. British Retail Consortium (BRC) boss Kevin Hawkins says the new year will be challenging for retailers and customers can expect more discounting during the first half of 2008.

British Retail Consortium Director General Kevin Hawkins said: "With customers' short on spare cash and nervous about how their finances will shape up in the New Year, it'll be a bumper January sales with bargains to be had as stores compete to tempt customers in.

"Retailers who haven't done the business they expected to before Christmas will be very keen to cut their losses and shift whatever seasonal stock they've been left with.

"With a challenging first half of the year virtually guaranteed for all consumer-facing businesses, retailers will be discounting well into 2008. On its own, December's interest rate cut won't overcome the developing slowdown. I hope the Bank of England have more pencilled in for January and March or April."

British Retail Consortium

More British Retail Consortium News... More Textiles News - United Kingdom...