Retail / news
UK retail sales remain below seasonal norms in July, August outlook dims: CBI
UK retail sales volumes fell at a slower pace in July but stayed below seasonal norms, and retailers expect a similar disappointing performance in August, according to the CBI.
Retail sales volumes in the UK declined at a markedly slower rate in July compared to previous months, yet they remained below the typical seasonal level, the Confederation of British Industry (CBI) reported. The data suggests the sector is still struggling to gain momentum amid ongoing economic pressures.
Retailers surveyed by the CBI expressed disappointment with July's performance, noting that sales failed to meet expectations for the time of year. The outlook for August is similarly subdued, with firms anticipating another month of sales falling short of seasonal norms.
The CBI's Distributive Trades Survey indicated that the pace of decline in sales volumes eased, but the overall picture remains weak. Retailers reported that stocks were considered adequate relative to expected sales, a sign that demand is not picking up strongly.
The findings underscore the challenges facing the UK retail sector, including high inflation, rising interest rates, and squeezed consumer spending power. The subdued summer performance could weigh on broader economic growth as retail is a key component of consumer expenditure.