Retail sales growth slows in July – BRC
British retail sales growth slowed in July as a sunny spell towards the end of the month failed to make up for weeks of rain which depressed sales of summer clothes and other seasonal products, the British Retail Consortium said today.
The BRC’s findings tally with other surveys and retailers’ reports, showing that consumers were not in the mood for a shopping spree in the run-up to the London 2012 Olympics.
Like-for-like retail sales – or sales at stores open for at least a year – rose by just 0.1 per cent in value terms compared with July 2011, following a 1.4 percent increase in June, the BRC said.
The value of total retail sales, a measure favoured by economists and closer to that found in official statistics, was 2.0 per cent up on the year, after a 3.5 per cent climb in June.
“July was clearly not a golden month for retail,” said BRC director general Stephen Robertson.
“After the June wash-out, more wet weather in July continued to stifle demand for outdoor gear,” he added.
“There was a boost for food retailers towards the end of the month as the sunshine came out and shoppers started getting in party food and drink ahead of the Olympics, but it wasn’t a significant help.”
Britain’s economy shrank much more than expected in the second quarter as the extra public holiday to mark Queen Elizabeth’s 60 years on the throne hurt output, and the weak retail sales are denting hopes of a strong rebound ahead.