In the retail sector, are there any topics of conversation other than the looming recession and the woes on the high street? Trying to be positive about the market is made more difficult when its key players talk about 2009 in terms of a “tough” or a “painful” year – a year which is likely to see many development projects shelved (p46).
It is enough to make us all want to hide under our duvets for 12 months come 1 January.
Of course, we need to be realistic rather than just burying our heads in the sand, hoping the situation will go away. All predictions are that markets will struggle next year. “Challenging” is probably the most positive way of putting it.
But let’s not forget that there will be winners, as well as losers.
Among those tipped to overcome adversity are the “value” and internet-based retailers. And in these challenging times, store-based tenants are gaining increased leverage to renegotiate terms with their landlords.
Overall, savvy retailers who can adapt to any market condition have a good chance of making 2009 a good year, and not an annus horribilis.
Meanwhile, across the Atlantic, there is much speculation as to the effect that a new US administration will have on that country’s retail market (p52).
The world is hoping that a change of leader will bring some welcome relief to trading conditions. But whatever happens, there is no doubt that the 44th president will have his work cut out for him.
