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06/09/2005
Retail sales slump continues
Retail sales in the UK fell again in August, the sixth time this year that sales have dropped.
The latest figures from the British Retail Consortium found that like-for-like sales fell by 1% in August.
Furniture, carpets and large electrical items were the worst hit by the slump, although home wares and DIY also suffered as consumers restricted their purchases to essential items.
The mixed weather last month was also blamed for a slump in food and drink and clothing sales, compared with figures from June and July.
However, the BRC also found that total sales rose by 2.9% in August, although this was mainly due to seasonal inflation in food prices and new selling space coming on stream.
The Bank of England reduced interest rates to 4.5% last month. They had been widely expected to cut rates, which had remained at 4.75% since August 2004, in order to encourage consumer spending.
BRC director-general Kevin Hawkins said that many retailers had been forced to introduce heavy discounting in August.
He said: “The underlying position is still weak and unlikely to improve unless and until there are further cuts in interest rates and these work through to the consumer. Anything else is wishful thinking.”
(KMcA/SP)
The latest figures from the British Retail Consortium found that like-for-like sales fell by 1% in August.
Furniture, carpets and large electrical items were the worst hit by the slump, although home wares and DIY also suffered as consumers restricted their purchases to essential items.
The mixed weather last month was also blamed for a slump in food and drink and clothing sales, compared with figures from June and July.
However, the BRC also found that total sales rose by 2.9% in August, although this was mainly due to seasonal inflation in food prices and new selling space coming on stream.
The Bank of England reduced interest rates to 4.5% last month. They had been widely expected to cut rates, which had remained at 4.75% since August 2004, in order to encourage consumer spending.
BRC director-general Kevin Hawkins said that many retailers had been forced to introduce heavy discounting in August.
He said: “The underlying position is still weak and unlikely to improve unless and until there are further cuts in interest rates and these work through to the consumer. Anything else is wishful thinking.”
(KMcA/SP)
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