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UK: strong shoe and leather sales

27/08/2010
High street sales in the UK were higher than a year ago for the second consecutive month following better weather at the start of August. Although slower than expected, sales expanded at the fastest rate seen since April 2007 and retailers are expecting further increases in the coming months.

Around 53% of retailers said the volume of sales rose during the first two weeks in August, while 18% reported a fall, giving a positive balance of 35%, according to the Distributive Trades Survey from the Confederation of British Industry (CBI).

“Better sales growth continued on the high street in early August, and retailers are upbeat about prospects in the coming three months,” said Lai Wah Co, head of economic analysis at CBI. “The summer sales, some warmer weather and the school holidays will no doubt have helped, lifting sales of clothing and shoes and encouraging households to invest in some home improvements.”

The survey found that sub-sectors recording the strongest growth were leather, footwear, clothing, groceries and durable household goods.
Reflecting the recent run of better retail sales, 22% of firms expect the overall business situation to improve in the next three months, with sentiment at its most positive since May 2004.

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