Retail sales improve in run up to Christmas
UK retailers saw sales improve in the year to November after six months of decline as high street stores gear up for the crucial Christmas trading period.
Retailers reported largely unchanged sales volumes this month, driven by strong grocery sales, and the industry expects growth to return in the year to December.
Read more: Shoppers plan to spend more this Christmas
In total 38 per cent of respondents to the CBI distributive trends survey said that sales volumes were up on a year ago in November, while 41 per cent said they were down, giving a balance of minus three per cent – the highest in seven months.
Meanwhile, 44 per cent of retailers expect sales volumes to increase in the year to December, while just 23 per cent expect a drop in sales.
However. online sales growth slowed to the slowest pace since June, and wholesale sales fell at the sharpest rate in more than seven years.
CBI deputy chief economist Anna Leach said: “Retailers are entering the festive season with a bit of hope that sales will head up, with the strongest expectations in half a year.
“Actual sales have also stabilised and have nudged above average for the time of year. And employment has stopped falling after three years of decline. But Brexit uncertainty continues to weigh on investment plans for the year ahead which remain weak.
Read more: Major high street chains close 6,000 stores in 2019
“As the election period gets into full swing, retailers will welcome the prominence being given to fixing the broken business rates system.
“But it will be up to the next Government to turn warm words into action.”
Main image credit: Getty