Everett Group

News

12 November 2008 High street sales ‘lowest in three years’

The high street has suffered its worst sales in three years, a new report has found.

According to the British Retail Consortium (BRC), retail sales fell for a fifth straight month in October on a like-for-like basis, with sales 2.2% lower than the same period last year.

That was the biggest drop since May 2005 and meant sales have fallen on this measure for seven of the past eight months.

‘These are seriously poor numbers, especially in the run-up to Christmas,’ said BRC Director General, Stephen Robertson. ‘The negative sales figures reflect record low consumer confidence. These are tough times for families and retailers.’

Sales of clothing, furniture and home accessories were significantly lower than a year ago, the study revealed. Food and drink and footwear were the only sectors to see an improvement in sales figures.

Last week the Bank of England slashed interest rates from 4.5% to 3% in an attempt to bolster the economy and boost high street sales over the festive period.