Recent trading updates indicate the nation's leading retailers are feeling the pinch ahead of the busy season.
The Warehouse and Kathmandu are among the big names that have been seeing significant losses over the past few months.
Milford Asset Management's Michael Luke says there's hope things will pick up in the next few weeks, given the demand brought about by Christmas and Boxing Day.
LISTEN ABOVE

Gavin Grey: UK correspondent on the UK bolstering defences in Cyprus and the Mediterranean
04:26

Jenee Tibshraeny: NZ Herald Wellington business editor on the increase in new lending going to first-home buyers with small deposits
04:48

Jeremy Hutton: Milford Asset Management expert on what the Middle East crisis is doing to oil prices
03:51