She added: "The squeeze on personal incomes will continue despite the expected decline in the rate of headline inflation."

Some sectors of the industry are predicted to do better than others. Professor John Dawson of Edinburgh and Stirling Universities, explained: "High-end retailing whether fashion or food, online sales, pop-up shops, or retailers with an offer emphasising convenience are more likely to be among those successfully negotiating 2012, but traditional operations targeting middle markets with large numbers of high street stores may find 2012 even more difficult than 2011."

Also the Olympic Games and the Queen’s Diamond Jubilee should provide a sales boost for retailers, although some market experts warn that the Games may keep a large proportion of the population in front of the television screens rather than visiting the shops.

Many of you have already streamlined your operations and adjusted your strategies to accommodate sudden market developments and … opportunities. So what other future proofing measures can you take? There isn’t an easy answer but keeping your eyes wide open may help. An independent column, which appears monthly in IER, is a good source of ideas that work for other independents, also in the Beat the Competition interviews retailers share their ‘tricks of the trade’. Perhaps it’s also worth looking outside our industry for ideas on winning and keeping custom.