How Amazon gained a stranglehold over retail

As we approach the end of a very turbulent 2023, we are cautiously optimistic, with developed market central banks having come to the end of the tightening cycle and signaling relief on rates is not too far off.

Unlike income taxes, which are progressive, tariffs function like a sales tax—affecting all income levels equally and hitting lower-income consumers harder.

The sector has continued to underperform expectations, leaving investors disappointed. But this disappointment should not obscure the shifting dynamics that may favor a brighter outlook in the year ahead.