What lies ahead for retail in 2023

The new year has barely begun and yet it’s already been full of major retail happenings, from Party City’s bankruptcy to ongoing layoffs that are hitting retailers and manufacturers of all stripes. Inflation and the threat of a recession have caused consumers to pull back on discretionary purchases and take a more cautious approach to spending, and some retailers are feeling that pain more than others.

In 2023, default rates in retail are expected to stay relatively low, according to Fitch Ratings, but it’s likely to be another year where retail’s strong get stronger and the weak suffer for it. Some sectors could be better off than others. The pandemic’s winners — home goods and home improvement, for example — could face tough times ahead as demand has cooled. One need only look at Bed Bath & Beyond’s collapse to see the impact shifting consumer interest can wreak.

itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.

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