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Cycling Industry News launches annual Market Study

3 Nov 2022

Cycling Industry News’ sixth annual Market Study has today gone live with independent retailers, workshops and mobile mechanics invited to take part by clicking here.
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More cycle routes would be good for drivers, says AA President

1 Nov 2022

AA President Edmund King has told the Daily Telegraph that more cycle routes would be good for drivers, as encouraging motorists to take fewer journeys by car could cut household fuel... Read more…

Government urged to protect £4 billion worth of active travel investment

31 Oct 2022

Sustrans has announced that it has joined together with other organisations representing active travel, motoring, road safety, the environment and business leaders to urge the UK government to... Read more…

Cautious welcome from business leaders for new PM Sunak

26 Oct 2022

As the economic clouds darken, business leaders have tentatively welcomed the arrival of Rishi Sunak as the country’s new prime minister.
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Cytech training Scotland Kick-Off on the 27th October at Bike For Good Glasgow in the West End Hub

25 Oct 2022

Glasgow, Scotland - Bike for Good is proud to bring the internationally recognised training and accreditation scheme for bicycle technicians to Scotland for the first time. The first Cytech... Read more…

Businesses on deadline to adhere to FCA Consumer Duty

25 Oct 2022

Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.
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Shoppers predicted to spend £4.4bn less in the run-up to Christmas

24 Oct 2022

New research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.
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VOLT partners with Deliveroo in branded e-bike trial for delivery riders

20 Oct 2022

VOLT today announces the launch of a collaboration with Deliveroo, the food delivery company, to trial subsidised e-bikes for a group of riders across the UK.
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Legislate to close ‘hardship loophole’ to keep all road users safe, Cycling UK demands

20 Oct 2022

Cycling charity Cycling UK has renewed its call on the Government to close the loophole in the law which allows people to escape driving bans.
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Two for one Rouleur Live tickets

19 Oct 2022

Rouleur Live is Rouleur magazine brought to life, bringing together the best guests and the finest brands to offer consumers a truly unique celebration of cycling culture in London this... Read more…

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Retail sales rose in July but ‘rocky road ahead’ forecast for retailers

Posted on in Business News, Cycles News

According to the BRC-KPMG Retail Sales Monitor, retail sales rose in July though the news came with a warning that this could be the “lull before the storm”.

UK retail sales were up 1.6% on a like-for-like basis against an increase of 4.7% in July 2021 according to the new data. During the quarter to July in-store non-food sales increased by 1.2% on a like-for-like basis since July 2021. This was below the 12-month growth of 34.4%. Online non-food sales were down, however, by 3.9% against a decline of 0.6% in July 2021 and a 12-month decline of 14.1%.

KPMG head of retail Paul Martin said: “Despite consumer polls suggesting confidence is at an all-time low, this hasn’t translated to money not being spent at the tills, as consumers are determined to enjoy delayed holidays and an unrestricted summer.”

However, he sounded a note of caution, warning: “The summer could be the lull before the storm with conditions set to get tougher as consumers arrive back from summer breaks to holiday credit card bills, another energy price hike and rising interest rates. With stronger cost-of-living headwinds on the horizon, consumers will have to prioritise essentials, and discretionary product spending will come under pressure.”

He added: “As margins continue to be challenged, and costs continuing to rise, a significant drop in demand come the autumn will have detrimental impact on the health of the retail sector. Truly understanding individual customer buying patterns and being able to differentiate these will become increasingly more important for the sector.”

BRC chief executive Helen Dickinson, said:

“Sales improved in July as the heatwave boosted sales of hot-weather essentials. Summer clothing, picnic treats and electric fans all benefited from the record temperatures as consumers made the best of the sunshine. However, with inflation at over 9%, many retailers are still contending with falling sales volumes during what remains an incredibly difficult trading period.

“Consumer confidence remains weak and the rise in interest rates, coupled with talk of recession, will do little to improve the situation. The Bank of England now expects inflation to reach over 13% in October when energy bills rise again, further tightening the screws on struggling households. This means that both consumers and retailers are in for a rocky road throughout the rest of 2022.”

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