UK inflation falls, but still takes its toll as retail giant Wilko collapses
Record high inflation and soaring energy costs that have left U.K. consumers in a financial bind have started to abate recently, but the collapse of retail giant Wilko, which operates over 400 stores across the U.K., highlights the toll the recent economic climate has taken on the entire industry.
Wilko went into administration on 10 August and called in administrators after it could not secure a rescue deal. This signals the extent of the challenges that grocery chains across the country are facing, research firm Kantar said.
“Wilko is a popular choice for many shoppers, with 7.6 million households visiting its stores to buy groceries in the last year,” Kantar Head of Retail and Consumer Insight Fraser McKevitt said. “Wilko’s rivals will be keeping a close eye on its fortunes in the coming days and weeks as they look to draw some of its shoppers through their doors.”
Though Wilko’s downfall is concerning for the retail industry, overall U.K. grocery price inflation fell …
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