The latest figures from the British Retail Consortium and KPMG revealed that sales increased by 1.1% year on year in February, compared to a growth of 5.2% in February 2023.
“Consumer demand was dampened by the wettest February on record, translating into a poor month of retail sales growth,” stated Helen Dickinson OBE, chief executive of the British Retail Consortium.
She said that not even Valentine’s Day lifted customers out of the gloom, with gifting products that traditionally sell well, such as jewellery and watches, failing to deliver.
Added Helen: “With consumer confidence and demand remaining weak, the Government must find ways to stimulate the economy. Retailers have some Government induced cost hurdles to jump in the coming months, including a £400m business rates rise based on last September’s 6.7% inflation rate. By using today’s Budget to reduce this, the Chancellor will lend a helping hand to much needed investment in businesses and local communities up and down the country.”
At the British Independent Retailer Association (Bira), ceo Andrew Goodacresaid that the focus is on reinvigorating local spending and creating a vibrant retail landscape.
“As we await the Chancellor’s Budget today (6 March) we hope it delivers initiatives that strengthen the backbone of our communities—the independent businesses that make our high streets unique.”
Top: A wet February saw retail sales slow.
