Source: Adobe/Monkey Business
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Australian small retailers are failing to meet their financial benchmarks, as softening consumer spending, rising wages, and inflation threaten business survival.
An inaugural Small Retail Index study by the Australian Retailers Association (ARA) and American Express, revealed that 32% of small and medium businesses are feeling uncertain about the year ahead.
The survey studied 400 retailers nationwide with retail turnovers of below $50 million between May and June.
It found that more than 91% of SMEs have seen business costs increase in the past 12 months while 32% stated that costs increased by more than 10%, which is above the level of inflation.
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