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Recession and retailers: a ‘cleansing effect’?
UK inflation has hit a new 40-year high as the cost-of-living crisis deepens, and two-thirds of finance leaders are now bracing for a recession. Retail Sector speaks to Deloitte and the BRC about how retailers can survive this volatile climate, and Jollyes shares their own experience of weathering tough times.
“Incomes are being squeezed, consumption is under pressure, interest rates are rising, and there’s a lot of uncertainty. These are classic ingredients for recession,” says Ian Stewart, Deloitte’s chief economist.
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