Tomorrow’s CBI Distributive Trades Survey will give one of the first indications from the retail sector as a whole as to how the pre-Christmas spending season is shaping up. The failure of Woolworths and MFI and the widespread price discounting highlight how difficult trading has been so far. And although we would not rule out some sort of rebound in spending over Christmas (over and above the usual seasonal boost), we think it more likely that the spending slowdown will continue to deepen.
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