Market Research Survey Shows that UK Retail Sales Fall at Their Steepest Rate for Sixteen Months

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20th June 2013 12:33 - Retail

According to a survey undertaken by the CBI between the 24th April and 15th May 2013, UK retail sales fell at their fastest annual pace for 16 months. The business group said that whilst consumer spending within clothing and footwear has declined, grocery sales remained the same.

Barry Williams, Asda Chief Merchandising Office for Food and Chair of the CBI Distributive Trades Survey Panel felt that:

“Retail sales growth has weakened since the start of the year as households continue to feel the pinch…”

Just under a quarter (23%) of firms reported that sales were up on the previous year, with a third (33%) saying that sales were down by just over one tenth (-11%) on average - the worst since January 2012 where by sales were down by a record two tenths (-22%).

However, sales volumes are predicted to rise modestly in June, with over a quarter (29%) of firms expecting an increase and just a fifth (20%) predicting a fall. These figures go hand in hand with over one tenth (16%) of retailers who are predicting that over the next twelve months business conditions are to become easier.

Regardless of the predicted rise in consumer spending, two fifths (41% of) retail stores are expected to cut investment over the next year relative to the past twelve months.

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