In a recent study conducted by Barclays Corporate Banking and Retail Economics, cyber and data risks emerged as the primary concern for UK retailers over the next year. Thirty-four percent of surveyed retailers identified these risks as their top concern, with 70% ranking it among their top three risks for the coming 12 months.
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The research evaluated seven key risk areas affecting UK retailers, including regulatory complexities, financial challenges due to higher interest rates, operational issues, strategic uncertainties, environmental and social impacts, and reputational risks.
Regulatory challenges emerged as the second most concerning issue, driven by increased trade friction and uncertainty surrounding future environmental policies.
Financial worries also featured prominently among retailers' top three concerns, influenced by rising interest rates affecting financing costs. Conversely, environmental and social risks were deemed less pressing for the next year but were highlighted as areas where retailers felt less confident in their preparedness, especially considering the potential for these risks to escalate over the next five years.
To bolster their long-term resilience, retailers reported taking proactive measures such as investing in advanced technology, enhancing employee training, strengthening supply chains, diversifying product offerings, and improving crisis management protocols.
Source: www.retailgazette.co.uk