Tuesday, 7 November 2017

Is Brexit to blame for record low October for shops?

Despite prediction from the doomsayers of an economic meltdown if the UK voted to leave the EU, things have been surprisingly calm since the referendum vote – but that looks like it’s about to change.

Recent figures from the all-important retail sector point to a worrying slowdown that could have wider ramifications for the UK economy, which is falling behind eurozone and the global economy.

Figures released today revealed British retailers have seen growth in non-food sales hit a record low, as consumers opt for experiences over shopping sprees ahead of the Christmas season.

The British Retail Consortium (BRC) and KPMG said sales of non-food items grew by 0.2% in the year to October – the lowest reading since records began in January 2011.

The slump came amid a dismal month for retailers, with like-for-like retail sales dropping 1% in October after rising 1.7% over the same period last year.

By Daniele Bianchi.

Full story at Yahoo News.

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