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'Very tough climate' for retailers

Jun 18 2008

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The credit crunch is creating 'a very tough climate' for retailers, the British Retail Consortium (BRC) claims.

According to the body, problems are being caused by low consumer confidence and a reduction in disposable income. Figures may also appear to be more positive than they actually are because during the warmer weather consumers have been buying more summer clothing and food, though this is not likely to indicate a long-term recovery, remarks spokesperson Richard Dodd.

The BRC has calculated that some three million jobs are dependent on the profitability of retail and Dodd says success is also important for the economy overall.

He warns: 'When retailing is doing badly it's bad news for people directly employed in it, for the people supported by it and also it's bad news as an indicator of how the overall economy is doing.'

The BRC has recently carried out a poll which showed consumer confidence to be at a five-year low, with 57 per cent of people believing their finances will be either bad or worse over the coming year.

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