The Convenience Mix is back for a very special episode dedicated to the rising cost of living crisis. In this episode, our experts look at the impact of the rising cost of living on shopper behaviour across the UK convenience retail market. We share tips on how retailers can mitigate the challenges around rising costs, the government support that is needed and how wholesalers can and are working with retailers and suppliers. We also here from two special guests to get the view of wholesalers and retailers on how they are dealing with the pressures of trading in the current economic climate – Dawood Pervez, Managing Director at Bestway Wholesale and independent retailer, Chaz Chahal.
In this episode our experts explore:
The impact of the rising cost of living on consumer behaviour
Decade high inflation is putting a squeeze on household incomes, resulting in consumers cutting back on non-essential spending. Our experts explore the impact this is having on the UK convenience retail channel. Is average spend growing at the same rate as inflation? How important is value to shoppers? How can retailers demonstrate value to their shoppers? Has there been a shift in shoppers purchasing own label products?
How are retailers managing rising costs?
Retailers are facing significant challenges, as the cost of produce increases, the cost of staffing increases and the cost of energy increases. For many retailers, this has resulted in working more hours to reduce staffing costs, however is this manageable, and at what cost? We hear from prominent independent retailer, Chaz Chahal who shares his experiences and advice on managing the cost of living crisis.
Are wholesalers doing enough to support retailers?
Our experts discuss the importance of partnerships during times of crisis. Retailers, wholesalers and suppliers need to work collaboratively in order to mitigate challenges and serve local communities. As well as hearing Chaz’s views, we are delighted to be joined by Bestway Wholesale Managing Director, Dawood Pervez, who shares his opinion on the challenges ahead for UK convenience retail and the measures that Bestway has put in place to support independent convenience store retailers.
Government intervention
The government has set out its stalls early in providing support to individuals, but the lack of support showing to small businesses is incredibly visible. In a passionate speech, Aidan Fortune shares his views on the government’s failure to act and support small businesses – the same businesses that were called upon to support an entire nation throughout a pandemic.
Like this episode of the Convenience Mix? Sign up to stay updated