Cash flow and working capital is likely to be a key issue for retailers in the lead-up to 2025. In the coming years they will need to deal with inflationary pressure, higher costs across areas like freight and utilities, and dampened consumer demands. Working capital will be key to helping retailers maintain a positive cash flow. And to manage it effectively, they will need to navigate three issues: inventory management, government regulation, and inflation. Successfully managing working capital takes continued and consistent effort. We recommend leaving no stone unturned, focusing on momentum, having a plan, getting help and keeping it simple.