In this news, we discuss the UK retailers see sharp drop in sales and growing job losses, according to CBI
LONDON (Reuters) – UK retail sales fell from the year to February, with stores cutting jobs at a rapid pace, with only supermarkets reporting growth in the latest COVID-19 lockdown, an investigation found on Thursday .
The Confederation of British Industry’s retail sales index stood at -45, up only slightly from January’s eight-month low of -50. The measure indicates lower sales and is lower than the consensus forecast of -38 in a Reuters poll of economists.
Retailers’ expectations for March – when non-essential stores will remain closed to the public as part of the lockdowns – fell to -62, the lowest since the series began in 1983.
Another sign of changing consumer habits during the lockdown, the survey’s internet retail sales gauge hit a new high.
“With the foreclosure measures still in place, trading conditions remain extremely difficult for retailers,” said Ben Jones, senior economist at CBI.
“Record growth in internet shopping suggests that retailers’ investments in online platforms and click-and-collect services may pay off, but the reopening of the industry cannot come soon enough to protect jobs and revive. The area.”
Job losses at retailers accelerated according to a quarterly survey question. For the distribution sector as a whole, which includes wholesalers and car dealerships, employment has fallen at a record pace, according to the CBI survey.
Reporting by Andy Bruce, editing by David Milliken
Original © Thomson Reuters
For Latest Updates Follow us on Google News
- Show all
- Most Viewed