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18 February 2008
London retail sales below par in January
Retail sales in London in January fell in comparison with the annual increase for the same month of 2007, research has revealed.
According to the London Retail Consortium's Sales Monitor, sales in the capital over the month increased by 3.7 per cent from the previous year on a like-for-like basis, however, the figures fell short of the 6.6 annual increase in January 2007.
The figures will also come as bed news to wholesalers hoping that they might see an increase in orders from London-based retailers in the immediate future.
Stephen Robertson, director general of the British Retail Consortium, revealed that more interest rate cuts could help revive the fortunes of the London retail sector.
He said: "London's January sales growth was the second weakest annual growth since November 2005.
"Widespread price cuts gave a boost to clothing, footwear and small homeware items, although usually at the expense of margins.
He added: "Last week's rate cut has come at the right time but, given these figures, more cuts will be needed to encourage London's shoppers to spend and ensure the slowing economy lands softly."
(c) 2008 Adfero Ltd.
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