Atradius reports a striking rise in payment defaults among certain retail sectors, notably domestic appliances which saw a 450% increase, indicating ongoing challenges within retail supply chains.
Despite the economic pressures, UK retail sector shows resilience as sales volumes increased by 1% in August and 0.3% in September 2024, preparing for a crucial Black Friday.
The Autumn Budget 2024 includes new measures like business rates relief and a raise in National Living Wage, which could stimulate consumer spending but also challenge SME profit margins with increased costs.
Retailers are adapting to the changing landscape by embracing innovative strategies, such as hybrid shopping and leveraging AI for enhanced customer experiences amid economic uncertainties.
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