Rain dampens retail hopes for summer

Poor sales and a lack of consumer confidence are bad news for retailers this summer, says the CBI.
Author:
Publish date:
10_High Street rainy.jpg

While UK retail enjoyed a third consecutive month of rising year on year sales in July, growth was much slower than expected at 11 per cent.

As we move into August, retailers are predicting disappointingly flat sales.

"Retailers reported an annual rise in sales and orders for the third month in a row, but the increase was far slower than firms had anticipated," commented Judith McKenna, Chair of the CBI Distributive Trades Panel and Asda Chief Operating Officer.

"The unprecedented poor weather for the time of year did not help, but retailers also expect conditions to remain tough during August. With consumer confidence weak and wage growth remaining sluggish, the longer term outlook for retailers remains challenging."

While many had hoped the Olympics would provide a boost to retail activity, this has not appeared to be the case so far.

Want to receive up to the minute toy industry news straight to your inbox? Click here to sign up for the free ToyNews Daily Digest and Newsflash services. You can also follow ToyNews on Twitter and Facebook.

Related

Featured Jobs

GAMEPLAN LOGO 3D hi res

Marketing Director UK

Gameplan I Southeast of England I Salary: Competitive I Date Published Monday 7th January 2019

Rainbow logo landscape_home of classic Final

Product Manager

Rainbow Designs Ltd I Olympia, London I Salary: Competitive I Date Published Wednesday 16th January 2019