High street sales fall 2.6%
High street sales fall 2.6%
Tuesday 9th December 2008
UK high street sales were down 2.6 per cent in the last year on a like-for-like basis.Data from the British Retail Consortium (BRC) show the extent of the slowdown – with like-for-like sales down 2.1 per cent between September and November.
Like-for-like sales have now fallen in eight out of the last nine months.
However, a raft of new stores hitting the high street saw total sale sales fall just 0.4 per cent on a year ago and rise 0.1 per cent on September.
The BRC noted discounts and promotions continued but shoppers were only putting their hands in their wallets when they sensed real value or needed the product.
Food and drink was the only sector to see sales rise – but sales figures were inflated by high food prices.
Stephen Robertson, BRC director general, said: "The numbers speak for themselves – these are clearly tough times.
"In the 14 years of this survey we have never recorded two consecutive months of total sales falls.
"Retailers will be hoping that customers have been putting off Christmas shopping - not cancelling it."
He added the VAT cut and reductions in the interest rate could provide some stimulus in the final weeks before Christmas.
Helen Dickinson, head of retail at KPMG, said: "There is little doubt that Christmas will arrive late for many retailers, leaving them with a very nerve-wracking couple of weeks to come.
"It's possible that November's figures have been negatively impacted by consumers delaying purchases in the last week of the month following the VAT announcement, while they waited for the change to be implemented."
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