Try to recall, for a moment, the last time you set a budget for yourself.
Perhaps it was quite a while ago, because most of your banking is automated and you have a general sense of what comes in and goes out every month.
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Or maybe you’re more old school, and you like to sit down with a pen and paper each month to anticipate where everything is going.
Perhaps you’re a little more tech savvy, and your online spreadsheet actually tells you what you can afford to spend in the coming weeks.
Or, if you’re like many people, your budget changes like the tide to keep up with the many rising costs associated with living in the 2020s.
These days, it may feel like the most common things you need every day are only getting pricier.
And you’re not wrong. Take a look next time you visit the gas station, home supplies store, or grocery store. Chances are, the price of some of your most essential consumer staples have been on the rise pretty steadily since 2020.
Central Co-Op is closing 19 locations amid a rising cost of living.
Image source: Getty Images
Rising costs are complicated business
In some cases, the rising cost of living may help some retailers.
Especially during and after Covid, some companies used sneaky tactics to pass costs off to consumers and keep profits elevated.
For example, in 2020 and 2021, when many people struggled to afford the essentials like meat, paper goods, and milk, many retailers seized the opportunity.
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Iconic ice cream chain unexpectedly closing locationsStruggling auto parts chain closing down all stores but oneAnother discount retailer closing over 1,000 storesIconic retail chain closing nearly 500 stores
Some grocery stores raised their prices and kept them elevated well after they should have come down.
“Meat prices increased by double digits,” former Secretary of Labor Robert Reich tweeted of the rise in corporate profits in 2022.
“Tyson’s CEO says they’re asking customers to ‘pay for inflation.’ Meanwhile, Tyson’s posted $1 billion in profits last quarter — a 48% increase from the first quarter of 2021. Don’t be fooled. This is about corporate greed. It always is.”
Some retailers still struggle
But not every retail business can get away with passing off costs onto consumers.
Such is the case for Central Co-Op, a grocery and cooperative chain based in the UK.
The retailer announced it will shutter 19 locations by May 2025, mainly clustered across the Midlands and East England.
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It cited a difficult financial environment, including the rising cost of living, increasing operating costs, high rents, and consumers cutting spending.
The stores are in the following areas:
Barnby DunBroughtonCroftDesboroughDudleyEastwoodEnderbyKingstandingLeicester (Evington Road and Narborough Road)NarboroughPeterboroughSprowstonStaffordWigstonYardleyCromerErdingtonShepshed
It’s expected that three of the stores will be leased by B&M variety stores. The other 16 will be sold to Samy Limited, which operates convenience stores like Spar, Londis, and Premier.
At the same time, Central Co-Op plans to renovate 35 pre-existing stores across the UK and has opened five new stores.
