Major High Street Chain Warns of Possible Price Hikes Amid Uncertain Future

London: Recently, the British Retail Consortium raised alarms about price hikes in major stores. Marks & Spencer’s CEO, Stuart Machin, didn’t deny that prices might go up. He mentioned that keeping prices low is becoming a real challenge.

Machin shared that they’ve been trying to hold prices steady, but it’s tough. He wants to keep costs down for customers as much as possible. However, he hinted that by next Christmas, things might look different.

The rising costs from suppliers are a big concern. Machin pointed to the increase in National Insurance Tax as a major factor. A survey of 52 retailers showed that many are feeling pessimistic about the coming year.

Most of them plan to raise prices or cut back on staff hours. Some are even considering automation to save costs. It’s a tough time for the high street, and many are worried about what’s next.

Just last week, Prime Minister Keir Starmer praised Chancellor Reeves, but that news didn’t sit well with many retailers. They’re bracing for a challenging year ahead.