Office of National Statistics retail sales reaction

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Dan Wagner, CEO of Powa Technologies says, “ Economic conditions on the high street are tough even at this busy time of year when retailers try to recoup up to 80% of their yearly revenues. The fragile economy has meant that consumers are much more selective about where they spend their money and retailers have been forced to embark on aggressive discounting far earlier to entice shoppers through the door.

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Dan Adds “The retail environment is changing fast, consumers are much savvier and are actively searching for the best deals not only on the high street but also via tablets and mobile phones. Past loyalties can no longer be relied on and retailers need to revise their business strategies to address rapidly changing consumer buying habits”.

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