According to the latest CBI Quarterly Distributive Trades Survey, retail sales were broadly flat in the year to May following strong growth in April*.
The findings show that orders placed with suppliers dropped slightly on a year ago, as did year-on-year internet sales growth. Whilst total retail sales are expected to rise somewhat in June, growth is still set to remain below the long-run average.
Commenting on the findings, Alpesh Paleja, CBI Principal Economist, says: “Retail sales flattened out this month, as the bounce in April unwound. It’s clear that households are increasingly feeling the pinch, as rising inflation pushes down on real earnings. Taken together with higher import cost pressures from a weaker pound, this is creating a challenging environment for retailers.”
At Beavis Morgan, our specialist advisers work with a number of retail businesses, helping them with strategic planning, system implementation, business turnaround and improving business performance for the future.
We are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.
For further information about how we can help you and your retail business, contact Steve Govey or your usual Beavis Morgan Partner.