News

World Retail Congress highlights consumption slowdown

September 20, 2012

Somber news is coming out of the World Retail Congress in London, according to a report on marketwatch.com. 

Tesco PLC CEO Philip Clarke said Wednesday that problems in the euro zone are starting to affect the retail industry in previously high-growth regions.

"We are in the first downturn of the digital age," Clarke said, adding that China, Thailand and South Korea are also showing weakening consumption. 

Retailers have been hit especially hard since consumers have cut back spending on non-essential items and services. Hope for the retail industry does exist, however, and it's due to digital technology and smartphones. 

"Digital technology gives us the opportunity for a warmer, more meaningful conversation with our customers, local communities, our colleagues and the suppliers we work with," Clarke said.

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