Snow blamed for London’s lowest-ever retail sales growth
THE winter snows have hit the big stores hard with London’s retail sales growth the worst ever, latest figures out this-morning reveal. Retail expansion was only 3.5 per cent higher in January compared to a year ago
THE winter snows have hit the big stores hard with London’s retail sales growth the worst ever, latest figures out this-morning reveal.
Retail expansion was only three-and-a-half per cent higher in January compared to a year ago when it shot up 6.5 per cent.
The stronger � in January against the euro also lessened London’s price advantage’ enjoyed by Continental visitors 12 months ago.
It was the weakest year-on-year January performance on record, according to the British Retail Consortium.
You may also want to watch:
“This 3.5 per cent growth is disappointing after a strong December, but not disastrous,” its Director General Stephen Robertson said.
“The wintry weather put people off going shopping in the first half of January and customers are becoming cautious again about spending when they don’t have to.
- 1 14 charged with alleged drug dealing and money laundering offences
- 2 19 arrested and cash seized in East End dawn drug raids
- 3 'Utterly horrific': Tower Hamlets MPs react to Sir David Amess stabbing
- 4 Police officers save lives in two sperate emergencies on same shift
- 5 £18,000 awarded to Bethnal Green church to bring loo up to scratch
- 6 Prison sentence increased for 'violent and dangerous' man
- 7 Lock-up garage space in Spitalfields used for social housing
- 8 Man, 19, charged after alleged sexual assaults in Tower Hamlets
- 9 Volunteers patrol streets after Isle of Dogs fatal stabbing
- 10 Volunteers thanked for running East End food bank for 70 weeks
“But London retail sales are still significantly better than the rest of the UK.”
Food sales did well from the snow, ironically, as shoppers stocked up on basics as well as clothing, footwear and warm accessories.
But sales of luxuries and non-essentials took a dive.
Retailers are hoping the meagre 3.5 per cent growth is due to the snow keeping shoppers away rather than long-term financial gloom they see melting towards the spring.