Retail sales down for second consecutive month

In what is heading to be one of the worst Christmas periods for retailers for over 13years, retail sales have fallen for the second consecutive month in November.

According to the British Retail Consortium-KPMG retail survey last months sales figures were down 0.4 percent from last year and on a like for like basis they have fallen by 2.6 percent which is the sixth consecutive month of falling sales.

Furniture and floors were the worst hit sector of the retail market with B & Q and Homebase struggling, although food and drink where the only sector to experience a rise in sales in November.
Stephen Robertson, the BRC’s director-general said that these are clearly rough times for the high street as the numbers speak for themselves.

Howard Archer the chief economist at Global Insight, said that Christmas is likely to come late for many retailers and that the problems for consumers are deep cut so only a combination of heavy discounting, interest rate cuts and of course the VAT can stir spending again.

Over the past two months retailers have gotten increasingly desperate with even the big giants having to offer huge discounts with Marks & Spencer and Debenhams just two well know names having to offer up to 50 percent off in order to entice buyers.

Christmas, retail sales, food, drink, Howard Archer, Global Insight, Marks & Spencer, Debenhams

Story link: Retail sales down for second consecutive month