Retailers could face Christmas carnage as skint shoppers stay away, experts warn
RETAILERS face Christmas carnage as skint shoppers stay away, experts predict.
They say the cost of living crisis and fears of future tax rises mean many people will cut back on present buying.
And that could mean more store closures and redundancies.
Last year 10,494 shops closed and 119,405 staff lost their jobs.
Earlier this month the restaurant chain TGI Fridays closed 35 sites and axed 1,000 jobs.
Prof Joshua Bamfield, of the Centre for Retail Research, told The Sun on Sunday: “Last month was quite good but there has not been much strength in the retail sector.
“I think Christmas is going to be a bit sick.
“People will still buy things but I expect they will be spending the same amount as last year or perhaps even less.”
He added: “I don’t think anyone is very optimistic about next year and I think in January we will be looking at a continuing fall in the number of stores — including lots and lots of bankruptcies.
“I think unless the Government can find a way of cheering everyone up it is going to be very slow going in October, November and December.”