15th October 2008
Sales have been down in six of the last seven months, according to the latest survey by the British Retail Consortium (BRC) and professional services provider KPMG.
The BRC-KPMG Retail Sales Monitor, which measures changes in the actual value of retail sales, found UK retail sales have fallen by 1.5% on a like-for-like basis since September 2007.
The report suggests that the financial turmoil has damaged consumer confidence and impacted upon household budgets, with sales being hit by colder, wetter weather than in the same month last year.
However, shops reported that the blow had been softened by some sunny weekends, which helped shift the last of the season's lines.
Food and drink was the only sector to show significant increases on a year ago, with buyers focusing on value ranges, while furniture retailers experienced their worst figures in eight years.
Helen Dickinson, head of retail at KPMG, said: "The key question now is not what has happened but what will be the impact of the current environment on sales over the crucial Christmas trading period - many will be holding their breath."
IMAGEJohn Stillwell/PA Wire/PA Photos
Financial crisis forces consumers to tighten belts
The BRC-KPMG Retail Sales Monitor, which measures changes in the actual value of retail sales, found UK retail sales have fallen by 1.5% on a like-for-like basis since September 2007.
The report suggests that the financial turmoil has damaged consumer confidence and impacted upon household budgets, with sales being hit by colder, wetter weather than in the same month last year.
However, shops reported that the blow had been softened by some sunny weekends, which helped shift the last of the season's lines.
Food and drink was the only sector to show significant increases on a year ago, with buyers focusing on value ranges, while furniture retailers experienced their worst figures in eight years.
Helen Dickinson, head of retail at KPMG, said: "The key question now is not what has happened but what will be the impact of the current environment on sales over the crucial Christmas trading period - many will be holding their breath."
IMAGEJohn Stillwell/PA Wire/PA Photos
Tags: Retail & Shop
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