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Trade News Archive August 08 July 08 June 08 May 08 April 08 March 08 February 08 January 08
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12th August 2008
Retail sales continue to slow
A new report has suggested that retail sales in the UK slumped even further in July.
The latest data from the British Retail Consortium (BRC) showed that like-for-like retail sales dropped 0.9 per cent last month when compared to July 2007.
This means that retail sales have been lower than a year ago in four of the last five months, the worst run since the summer of 2005.
According to the survey, the changeable weather during the month hit sales. It added that clearance events helped some retailers, but stressed that underlying trade remained tough - with many businesses having to offer heavy discounts to obtain sales.
In particular, the research showed that clothing, footwear, furniture and homeware retailers continued to feel the pressure.
"Frivolous shopping is off the agenda as most customers concentrate on value and durability and there are few signs the slowdown has yet bottomed out," commented Stephen Robertson, the director general at the BRC.
Helen Dickinson, the head of retail at KPMG, added: "The non-food sector contracted for the second month in a row.
"The furniture and home-related sectors continue to bear the brunt of falling consumer confidence and increasing demands on household budgets."
(c) 2008 Adfero Ltd.
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