29th August 2008
Retail sales figures have slumped to some of the worst lows in a quarter of a century.
A balance of 46% of businesses said sales were down for the first half of August versus the same period last year, beating pessimistic predictions of 32%.
The figure was the worst since the CBI began compiling the distributive trades survey in 1983.
In addition, a net 43% of retailers said sales for the time of year were poor, while labour market conditions were down, with a net 31% of businesses saying their staff level is lower than this time last year.
And with a similar drop anticipated in September, the CBI says business confidence is very weak, blaming a mixture of higher costs and poor summer weather.
Grocers were the only sector reporting an increase in sales, while those areas allied to the housing industry were seen to be particularly badly hit.
CBI distributive trades panel chairman Andy Clarke, who is also retail director of ASDA, said: "This has been a summer that many retailers would rather forget.
"Shoppers will continue to be forced to look around for the best value on offer for all their purchases - not just their groceries."
'Summer to forget' for the high street
A balance of 46% of businesses said sales were down for the first half of August versus the same period last year, beating pessimistic predictions of 32%.
The figure was the worst since the CBI began compiling the distributive trades survey in 1983.
In addition, a net 43% of retailers said sales for the time of year were poor, while labour market conditions were down, with a net 31% of businesses saying their staff level is lower than this time last year.
And with a similar drop anticipated in September, the CBI says business confidence is very weak, blaming a mixture of higher costs and poor summer weather.
Grocers were the only sector reporting an increase in sales, while those areas allied to the housing industry were seen to be particularly badly hit.
CBI distributive trades panel chairman Andy Clarke, who is also retail director of ASDA, said: "This has been a summer that many retailers would rather forget.
"Shoppers will continue to be forced to look around for the best value on offer for all their purchases - not just their groceries."
Tags: Retail & Shop
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