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High street sales continue to rise

Sep 01 2010

The high street is on the up

Sales volume on the high street is up for a second consecutive month, according to research from the Confederation of British Industry (CBI).

More than half of retailers surveyed in the quarterly Distributive Trades Survey said that the volume of sales rose during the first two weeks in August while 18 per cent said that it fell, giving an overall balance of +35 per cent.

Better weather at the beginning of the month, the summer sales and summer holidays are likely to have helped drive sales up, according to the CBI.

Among the sub-sectors enjoying the strongest growth were clothing, durable household goods, and hardware and DIY.

Although the CBI reports that the high street is buoyant, it points to factors such as next year’s VAT rise, subdued pay awards and the feed-through of public spending cuts to job losses as signs that the market may be set for turbulence.

Lai Wah Co, CBI head of economic analysis, says: ‘Retailers are upbeat about prospects in the coming months. However, the broader outlook for consumer spending is still uncertain.’

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