The Office for National Statistics (ONS) has revealed that retail sales dropped by 1.5 per cent in December, well below the 0.8 per cent drop analysts had pencilled in, and more than reversing a 1.1 per cent rise in November, which had been powered by Black Friday discounting.
The annual growth rate of sales volumes fell to 1.4 per cent in December, well below the 3 per cent City analysts had expected.
On a quarterly basis, the growth in sales volumes was 0.4 per cent, the weakest rate seen since the beginning of 2017, when volumes fell by 1.2 per cent.
“The longer-term picture is one of slowing growth, with increased prices squeezing people’s spending,” says ONS statistician Rhian Murphy.
“Retailers that have a strong online presence tend to able to adapt swiftly to changes in demand and can offer discounts and other incentives that are attractive to consumers,” a spokesperson adds.
In order to survive and thrive, business owners need accurate, reliable and timely financial information, whether that be profit or cash focused, or both, to accurately and effectively manage the company’s finances and drive growth.
At Beavis Morgan, our SME retail business experts can help you identify your requirements and then design and implement a system that will provide all the information you need, within a cost effective and efficient framework.
Being able to understand and evaluate your business through real-time information on actual performance is critical and could mean the difference between survival and business failure.
Through our partner businesses, BM Structured Finance and BM Advisory, we are able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals in distress.