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07/02/2006
Retailers face tough start to the year
It has been a tough start to 2006 for High Street Sales, according to the latest report from the British Retail Consortium.
The BRC reported that retail sales in the UK last month rose by only 0.2% on a like-for-like basis - the weakest start to the year since the survey began in 1995.
The three-month trend rate of growth improved in January to 1.1% from 0.2% in December for like-for-like sales, but slowed to 3.6% from 4.1% for total sales.
The BRC said that sales had fallen back "significantly" following the end of clearance sales. Food sales also slowed after the Christmas upturn and clothing and footwear sales also dropped back.
Home and leisure sales also remained "difficult", the BRC said, with sales mainly being discount-driven.
The BRC said that underlying trade remained tough, with shoppers unwilling to commit to larger purchases, although they were keen to take advantage of clearance promotions and discounts.
The report has led to calls for the Bank of England to cut interest rates, which have not been reduced since last August.
Kevin Hawkins, BRC Director General, said: "After the pre-Christmas upturn, we are now back to the reality of a tough, discount-driven retail market. The message from every sector of our industry is the same. The squeeze on consumer spending continues unabated. The economy badly needs a cut in interest rates."
(KMcA)
The BRC reported that retail sales in the UK last month rose by only 0.2% on a like-for-like basis - the weakest start to the year since the survey began in 1995.
The three-month trend rate of growth improved in January to 1.1% from 0.2% in December for like-for-like sales, but slowed to 3.6% from 4.1% for total sales.
The BRC said that sales had fallen back "significantly" following the end of clearance sales. Food sales also slowed after the Christmas upturn and clothing and footwear sales also dropped back.
Home and leisure sales also remained "difficult", the BRC said, with sales mainly being discount-driven.
The BRC said that underlying trade remained tough, with shoppers unwilling to commit to larger purchases, although they were keen to take advantage of clearance promotions and discounts.
The report has led to calls for the Bank of England to cut interest rates, which have not been reduced since last August.
Kevin Hawkins, BRC Director General, said: "After the pre-Christmas upturn, we are now back to the reality of a tough, discount-driven retail market. The message from every sector of our industry is the same. The squeeze on consumer spending continues unabated. The economy badly needs a cut in interest rates."
(KMcA)
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