Retailers are cutting back their investment plans to the lowest level since the start of the pandemic, as the cost-of-living crisis batters consumer confidence.
Sentiment has deteriorated despite sales returning to average levels this month, according to a survey of 56 retailers by the CBI.
The survey found that companies’ investment plans are at their lowest since May 2020.
Retailers said they expected the state of their businesses to deteriorate over the next year, compared with the previous year, with expansion plans and new premises put on hold.
