According to the KPMG/Ipsos Retail Think Tank (RTT), Retailers are in for another tough year of trading, as austerity measures and uncertainty hit UK consumer confidence.

The RTT members believe that another year of low growth will see consumers remain reluctant to part with their cash. Retailers will have to develop innovative initiatives in order to drive sales.

Members believe retailers must identify pockets of growth and invest in them, but warn that any investment must be strategic and linked to genuine opportunities in the market. The members identified multichannel retailing as a key opportunity for retailers, especially as consumer adoption of technology continues apace.

The Group also noted that some sectors are in a better position than they were 12 months ago. It was noted that while the food sector had struggled in 2012 due to over capacity, the structural balance had improved for the general retail sector.

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