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King’s speech includes proposed bills to reform retail industry

22 Jul 2024

The King’s Speech in Parliament last week, which outlined 40 draft laws that the government is aiming to pass in the coming parliamentary session, included some that will directly affect... Read more…

Convenience Stores Top List of Services that Promote Local Growth

22 Jul 2024

The nation’s local convenience stores are the number one service for promoting local growth, according to new findings.
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Business rate reform called for as industry reacts to landslide Labour election win

9 Jul 2024

Following Labour’s general election win, the retail industry has stressed the need for a business rates overhaul to protect high streets across the country.
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Bira calls on new Labour government to prioritise independent retail sector

9 Jul 2024

Following Labour’s landslide Election victory, Bira, the British Independent Retailers Association, has urged the new government to make good on its promise of change by prioritising the... Read more…

Much loved toyshop saved by owner's daughter

9 Jul 2024

A much-loved toy shop in Aberystwyth that was facing closure has been saved after the former shopkeeper's daughter decided to take over the reins.
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Inverness-based retailer wins coveted Drapers Award for Best Independent Footwear Retailer

9 Jul 2024

A family-owner retailer in Inverness, Begg Shoes, has been named Best Independent Footwear Retailer at the 2024 Drapers Footwear Awards, held annually to celebrate the outstanding achievements... Read more…

'Pay-as-you-feel' barber wins hairdressing award

9 Jul 2024

A man who offers "pay-as-you-feel" haircuts has been named the UK's best barber.
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The Times publishes its list of the seven best shopping streets in the UK

24 Jun 2024

The Times has just published its list of the seven best shopping streets in the UK.
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Indie retail village wins Hospitality Hero Velvet Award for 2024

24 Jun 2024

An independent retail village in Ely that celebrates its one-year anniversary this month has won the Hospitality Hero Velvet Award for 2024.
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Bike shop owner slams police’s “abject apathy” after three shops broken into in one night

24 Jun 2024

A cycle shop owner has criticised the police’s “abject apathy” towards bike theft after thieves attempted to break into his store for the second time in a year, on the same... Read more…

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UK retail sales growth at its lowest since Covid-19 lockdowns ended

Posted on in Business News, Cycles News

Britain’s retailers in September saw their sales grow by the slowest rate since shops reopened after the end of Covid-19 lockdowns, as consumers cut spending in the face of rising energy costs and inflation.

Retail sales increased by 2.8% in September, compared with a 3.6% rise in August, according to BDO's High Street Sales Tracker.

Retail sales

"The actual performance for retailers may be even worse than these results suggest. With rising inflation, data suggests that the actual volume of sales is down significantly while it is higher prices that is driving the growth," said Sophie Michael, BDO's head of retail and wholesale.

Sales peaked at 4.9% in the second week of September and then fell to 1.3% in the third and fourth weeks.

Fashion sales rose 6.7%, while lifestyle sales increased by just 1.2%.

The homewares sector had a disappointing month with sales declining by 6.3%, reflecting belt-tightening by consumers after they spent significant sums improving their homes during the pandemic.

"While the overall like-for-like is not quite going backwards across all discretionary spending categories, it's clear that it's trending downwards,” said Michael.

"In addition, with the pound's current level against the US dollar and euro, retailers that rely on imports are paying more for their products, eating into already slim margins.

"The one bright spot is that with the pound's weakness, the UK becomes an attractive destination for overseas tourists doing their Christmas shopping. However, this is unlikely to provide much of a boost to retailers beyond flagship stores in major cities.”

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