High Streets Initiative Praseeda Nair · 6 September 2017
Homewares, fashion and back-to-school give high street retail end of summer boost
High street retail sales bounced back in August thanks to strong performancein a number of non-food sectors, despite inflation pulling down the spending power of UK households. According to the British Retail Consortium’s (BRC) Retail Sales Monitor, produced with KPMG, year-on-year sales for August 2017 increased by 1.3 per cent, having represented the poorest month of the year for retailers in 2016. Autumn fashion lines, back-to-school ranges and home furnishings were attributed by experts to the steady end to the summer. On a total basis, the 2.4 per cent sales rise in August also represented the strongest growth for retailers since Easter. Don Williams, a retail partner at KPMG, suggested a rise in homeware sales was a result of Brtis choosing ‘staycations? over heading abroad, with home furnishing retailers not having to compete with a summer of Olympic sport. retailers taught us a thing or two about back-to-school, with children’s clothes and footwear obtaining top-marks in terms of sales, he added. Helen Dickinson, BRC chief executive, said: August provided a welcome pick-up in retail sales across channels, with non-food returning to growth as shoppers? attentions turned to homewares, autumn clothing ranges and the new school term. However, Dickinson said strong figures should be considered alongside poor performance in summer 2016, and warned of ‘stark challenges? lurking around the corner for retail businesses. Slow wage growth, at 2.1 per cent, continued to trail the rising cost of household goods, and Dickinson urged policy makers to protect consumers from further cost pressures post-Brexit.
ABOUT THE EXPERTPraseeda Nair
Praseeda Nair is an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.