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Retailers have given up on growth and are simply trying to survive as they face soaring costs and higher taxes, a report has said.
Brands across the world are watering down expansion plans in order to focus on the day-to-day as the Iran war threatens to hit sales and push up inflation, according to research published at the World Retail Congress.
Fewer than one in six global retailers are pursuing aggressive growth plans, the report from insights firm Incisiv and technology group Manhattan Associates shows.
The situation was the bleakest in Europe, the Middle East and Africa, where just 3 per cent of top bosses said they were pursuing lofty growth plans.
Ian McGarrigle, chairman of World Retail Congress, said: ‘Retailers are having to rethink how they grow, where they invest and how quickly they can respond.’
Brands across the world are watering down expansion plans in order to focus on the day-to-day as the Iran war threatens to hit sales and push up inflation
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