Retail sales decline slows in September
Retail sales fell for the fifth consecutive month in September, however they declined at a slower pace than in August.
Sales fell 16 per cent this month, compared to a drop of 49 per cent in August. Retailers said they expect sales volumes to fall by five per cent next month.
Orders placed on suppliers also contracted at a slower pace in August, and are expected to be flat in the year to October.
Internet sales growth eased in the year to September, according to the latest CBI Distributive Trades Survey.
CBI chief economist Rain Newton-Smith said: “Five successive months of falling volumes tells its own story about the tough conditions retailers are having to operate in.
“Add to this the pressures of Sterling depreciation and the need to plan for potential tariffs and supply issues in the event of a no-deal Brexit and you get a gloomy picture for the sector.
“Retailers are also grappling with ongoing challenges such as digital disruption and the cumulative burden of government policies.
“Reforming an outdated business rates system and a more flexible apprenticeship levy which delivers better value for money could really help to alleviate the pressure on retailers during these difficult times.”
More to follow
Main image credit: Getty