UK retail recovery continues apace in August
[LONDON] British retail sales extended gains last month, as parts of the sector enjoyed a much faster rebound than most of the economy, official figures showed on Friday.
Retail sales volumes rose by 0.8 per cent in August, the Office for National Statistics said - slightly above the average 0.7 per cent forecast in a Reuters poll - and compared with a year earlier they were up 2.8 per cent, versus forecasts of 3.0 per cent annual growth.
British retail sales had already overtaken pre-Covid levels in July and now stand 4.0 per cent higher than before the crisis.
However, the rebound masks a sharp split between online and high-street retailers, with online and mail order retailing up 34.4 per cent on the year in August, while many traditional retailers outside the grocery sector have struggled due to reduced footfall.
The crisis in traditional retailing is having a knock-on effect for commercial landlords, with some stores closing and tenants such as clothing chain New Look seeking to renegotiate rents so that they are linked to turnover.
REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sunak says UK to raise defence spending amid global threats
China’s central bank hints it may add treasury bond trades to policy toolkit
US business activity cools in April; inflation measures mixed
India’s inflation at risk from extreme weather, geopolitical issues: central bank
Thailand to replace military-appointed Senate, reduce its powers
Bankers lose hope of London IPO revival for another year