Supermarket Income REIT tenant Sainsbury's has released its Q3 trading statement showing record Christmas sales.
Sales were up 7.1% as the grocery giant commented that consumers were still keen to treat themselves over the festive period, despite the cost-of-living pressures. Sainsbury’s boss Simon Roberts stated that households had "managed their budgets differently" this Christmas.
Interestingly, the update revealed more customers were shopping instore over the period, with Roberts stating it was due to customers being "really careful" about where they spend, "and they wanted to come in and see the deals and offers we had".
This demonstrates the importance of omnichannel stores which have the flexibility to accommodate changing consumer behaviours resulting from macro-economic forces such as the current cost-of-living crisis.
Read more about the trading update in the article from BBC News.