Today’s ONS retail results show there is still promise in the Highstreet, despite record-high inflation. However, with consumer confidence at its lowest since 1974, retailers will need to remain on their toes for the foreseeable future.

Margins are inevitably being squeezed but getting the customer experience right will be the saving grace. Physical retailers must prepare to accept more diverse payments including ‘buy now and pay later’ to compete with the flexibility that they receive online.

It will also be key to optimise in-store space, to protect those delicate profit margins. Retailers need to take an intelligent approach to stock buying and maximise their profit per square foot by adding services from other brands to their store. Focusing on supermarkets in particular, shops need to offer a 360 experience – whether that be to visit the opticians, the chemists, the beauticians, or the café. Creating a destination rather than a one-off shop will not only increase footfall and drive the impulse food and drink purchases that created the sales boost we saw in April.