Retail sales growth slows to lowest level this year

by | Aug 26, 2022

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Retail sales growth slowed to their lowest rate this year last week, according to fresh data on Friday, although it was still ahead on a year-on-year basis.
According to the BDO High Street Sales Tracker, total like-for-like sales climbed 2.06% for the week ended 21 August, from a base of 22.01% in the equivalent seven days last year.

BDO said the week saw another slowdown in total like-for-likes, as the results continued to trend downwards to record the year’s lowest results.

“Amidst recent reports of falling wages and consumer confidence, total in-store like-for-likes saw moderate growth compared to past weeks, while total non-store like-for-likes recorded another negative week,” BDO said.

“Total fashion was outperformed by lifestyle this week – the first time that has happened since June.”

The data showed total in-store like-for-like sales rose 6%, from a base of 33.61% for the same week last year, while total non-store sales dropped 5.75%, compared to a rise of 21.94% a year ago.

“The weather this week was predominantly soggy with heavy showers and overcast conditions, while some parts of the country experienced strong winds.

“The same week last year saw cool temperatures and damp conditions across much of the UK.”

Overall, footfall rose by 8.6% compared to the same week last year, with footfall on high streets rising 11.8%, while shopping centres saw footfall increase by 8.7%.

Footfall at retail parks, meanwhile, declined by 0.8%, marking its fifth straight week of negative results.

Reporting by Josh White at Sharecast.com.

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