Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UK retailers gloomy before June's lockdown easing

Published 25/06/2020, 11:05
© Reuters. The coronavirus disease (COVID-19) outbreak in Watford

By David Milliken

LONDON (Reuters) - British retailers remained gloomy in the run-up to a relaxation of coronavirus lockdown rules earlier this month which allowed non-essential stores to reopen to the public for the first time since March.

The Confederation of British Industry said 62% of the retail chains it surveyed between May 27 and June 12 feared weak consumer demand would hamper recovery from the slump in sales of most items other than food and drink.

"Despite retailers working flat out to make sure they are safe and ready to open their doors, outside the grocery sector most retailers expect sales to be far below where they were this time last year," CBI chief economist Rain Newton-Smith said.

Staff absence due to ongoing school closures was also a problem for most firms, the survey showed.

The CBI's headline retail sales barometer rose to -37 in June from -50 in May, slightly short of economists' average expectation in a Reuters poll and well beneath its level at the start of the year. Expected sales for July are worse.

Official data for May showed retail sales volumes jumped by 12% after tumbling in April, but were still around 10% lower than a year earlier.

Since June 15 non-essential stores have been able to reopen to the public, but they must still comply with social distancing rules which limit the number of shoppers. Some stores have their own restrictions on customers touching goods or trying on clothes to reduce the spread of COVID-19.

Samuel Tombs, an economist at Pantheon Macroeconomics, said the CBI data did not always track official figures closely, and that there could be a temporary recovery as shoppers made larger purchases they had delayed during the lockdown.

© Reuters. The coronavirus disease (COVID-19) outbreak in Watford

But he was less confident about later in the year - when government job support schemes are due to end - and predicted sales would be 5% down on pre-coronavirus levels in the final three months of 2020.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.