UK retail: Bears’ picnic

You don’t listen to Tesco if you want an optimistic view of UK retailing. But even adjusting for the market leader’s habitual caution, its latest assessment of the market is pretty grim. Both the company and its customers are feeling the pinch from higher energy costs. And that, says Tesco, is a cause for fresh concern in what is already proving a challenging year for UK retailers. Tesco is not overstating the problem. The results of other retailers that have reported so far suggest there is no...