Retail sales remain slow
Mar 30 2011
Sales in March were considered poor
High street trading remains subdued despite increased year-on-year retail performance in March, finds research from the Confederation of British Industry (CBI).
The CBI’s latest Distributive Trades Survey of 131 companies shows a balance of +15 per cent in volume of sales reported in the year to March, exceeding retailers’ expectations of zero growth.
However, sales in March itself were considered poor for the time of year, with 16 per cent of retailers reporting sales as good, and 40 per cent saying they were poor. The resulting balance of -24 per cent is the lowest figure since August 2009 (-25 per cent).
CBI chief economic adviser Ian McCafferty says, ‘Conditions remain tough on the high street. Even the best performing sectors – namely grocers and clothing – have seen volumes continue to fall.
‘With inflation edging higher and earnings growth only modest, household budgets are under increasing pressure. Consumer demand will remain weak in the coming months.’
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