Increased overheads and decreased customer spending has led to a drop in profit confidence compared to last year – but retailers are focusing their time, efforts and energies on how to grow their profits. With 71% of retailers reviewing their product ranges at least quarterly, if the opportunities are out there, retailers will find them. Vaping is a big issue, but while 18% see any potential legislation as a threat, 12% see it as an opportunity – so the best retailers are looking at ways to win amid the many pressures they face.
73%
of retailers are worried about rising costs over the next year
39%
of stores are looking at adding new categories this year
31%
fewer retailers are using own-label to drive sales than in 2023