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24th October 2008
Pre-Xmas retail conditions set to worsen
Conditions in the retail and wholesaler sector are likely to become more challenging in the run up to Christmas, new figures from the Office for National Statistics suggest.
According to the official body, UK retail sales have slumped to their slowest annual rate for two-and-a-half years, falling by 0.4 per cent in September and bringing annual growth down to 1.8 per cent.
That compares with 3.3 per cent growth recorded just one month ago, with falling demand for wholesale clothing and fashion items contributing heavily to the decline.
"The official figures rightly confirm overall sales growth is slowing and conditions toughening for customers and retailers as the crucial run-up to Christmas begins," commented Stephen Robertson, British Retail Consortium (BRC) director general.
His comments were echoed by Gavin George, head of retail at Ernst & Young, who told the BBC: "Christmas will be painful for much of the sector as consumers continue to batten down the hatches."
Just last week, the BRC issued its own retail spending report, in which it recorded a 1.5 per cent fall in sales for September.
(c) 2008 Adfero Ltd.
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