Published on September 6th, 2019 | by The GC Team0
Bummer month for retail sales
August proved to be yet another disappointing month for retail, with like-for-like sales down 0.5% and total sales growth at zero.
Figures from the British Retail Consortium and KPMG showed the 12-month average dropping to a new low of just 0.4%, with the BRC blaming greater economic and political uncertainty for driving down consumer demand.
Paul Martin, UK Retail Partner at KPMG, said: “It’s clear that for much of the retail market, efforts are being focussed on preservation, not growth, in this adverse and uncertain climate.”
Martin referred to the looming “Brexit crunch point” and potential general election, and said “it’s clear that the only thing that is certain in the coming months is further uncertainty.”
He added: “It’s vital that retailers insulate themselves for every eventuality and have rigorous contingency plans in place.”