This Christmas will be "a real nailbiter" for shops, according to one expert.
It might interest retail insurance customers to know that Mark Hudson, spokesperson for PricewaterhouseCoopers (PwC), believes recent turmoil is making consumers reluctant to part with their cash.
This means that people might wait longer than in the past to see if shops make reductions in the run up to the festive period.
He said: "The combination of terrible consumer confidence and retailers planning for the worst means that like-for-likes will be negative versus last year."
Shops can prepare for this situation by reducing the number of lines they offer, changing price architecture and reducing staffing levels to boost margins, Mr Hudson states.
Developing an internet presence might also be a good idea as online shopping is ever more popular, he added.
Recently, data released by the Office for National Statistics revealed that high street sales fell by 0.4 per cent in September when compared to the previous month.
