High street sales dip by 3.9% due to recent cold weather
18/04/2016
UK high street sales have reported a 3.9% decrease during March compared to the previous year as online shopping proves to be a popular alternative during the recent cold snap.
The latest figures have shown that the numbers of shoppers hitting the high street has decreased with footfall falling by 2.7%, the British retail Consortium (BRC) and Springboard have said.
In response to the latest figures chief executive of the BRC, Helen Dickinson, has said:
“The near four per cent decline in footfall on our high streets and in shopping centres is partially caused by the distortion of the timing of Easter.
“It is, however, also a continuation of a longer term trend caused by on-going structural change within the retail industry.
“Customers don’t differentiate between buying online, on a mobile device or in-store and often combine two or more different channels when they shop.
“Therefore, as well as their significant investment in digital, retailers know they also need to continually improve their physical stores to ensure an ever changing and more exciting shopping experience. The on-going decline in levels of footfall highlights the significance of this structural change.”
The trend of consumers opting to purchase their products online is set to continue. Latest figures from global market research company Mintel have shown that just over 10% of people now do all their grocery shopping online.
Early this year in an attempt to help the decline of the UK high street, during his annual budget announcement, Chancellor George Osborne announced plans to exempt 600,000 small business firms from business rates. While many small businesses face benefiting from the Chancellor’s proposals for business rates, such firms may struggle under the Governments new National Living Wage scheme.
Need Financial Advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Is the retail price index fall a help or hindrance?
As we covered in one of our earlier posts, the Retail Price Index (RPI) is still in negative territory and as a consequence we will see Rail season-ticket prices fall across the UK from January 2010. While a negative RPI, which effectively means that prices are falling, is still a good thing for UK consumers it can and will cause havoc in the business arena.
In general terms it is v...
Who would the Bank of England prefer to be in power?
As we hear reports that this week's MPC meeting could be something of a damp squid there is speculation within the investment markets as to which political party the Bank of England would prefer to have in power. While the Bank of England is unable to express any particular preferences regarding political agendas and political activity there is no doubt that the relationship with the Labour govern...
Read MoreStrong growth in US and euro zone services industry
A flurry of economic reports today confirmed that the recovery in the services sector appears to be well and truly underway in the US and the euro zone although the UK services sector has seen growth slow to its lowest rate since July 2009. These contradictory reports about economies around the world add to the confusion within worldwide stock markets where indicators and economic data seem to fli...
Read MoreCould UK debt really be downgraded?
Today's news that the UK credit rating has been placed upon "negative watch" is obviously an unwelcome move which the UK government would rather have avoided. However, when you appreciate that UK debt is heading towards £1 trillion and the UK budget deficit is still around the £150 million level it is not difficult to see why credit rating agencies are concerned about the UK. But will the UK cre...
Read MoreCBI expects faster growth in UK financial services sector
After a period of relative stagnation the CBI has today issued the results of a recent survey which shows confidence is now returning to the UK financial sector. As a consequence, the CBI is forecasting a significant increase in growth in the UK financial services sector despite the fact that red tape has now reached an all-time high. The expected return to boom times in the UK financial sector...
Read More