Latest data from the Office for National Statistics shows that monthly retail sales dropped by 0.5% in May.
When compared with the previous month, retail sales dropped 0.5% in May 2019, with a strong decrease of 4.5% in clothing sales.
According to the Office for National Statistics, evidence from retailers suggests that the poor weather has contributed to delaying consumers from purchasing summer ranges of clothing.
In the three months to May, the quantity bought in retail sales grew by 1.6% when compared to the three months prior. Growth occurred across all stores except department stores and household goods stores, the data reveals.
As for department stores, the 0.9% drop in the quantity purchased in the three months to May is now the eighth consecutive month of no positive growth in this division.
In the month of May, online sales accounted for 19.3% of all retailing.
Earlier today, Dixons Carphone announced that “more pain” was expected in the next year, as it posted a statutory loss before tax of £259 million.
The luxury handbag maker Mulberry (LON:MUL) also swung to loss this week as it revealed a £5 million annual loss before tax on Wednesday.
Additionally, latest reports show that Bathstore may be the latest retailer to fall victim to the high street crisis and face collapse.
“Although earnings continue to outstrip inflation, a second stutter in as many months will serve as a stark reminder that the retail sector’s recent growth should not be taken for granted. Despite the high street’s challenges, the long-term shift in consumer habits has been encouraging further creativity among retailers online and in store as they look to stay ahead of the curve,” Philipp Gutzwiller, Head of Retail at Lloyds Bank Commercial Banking, commented, according to the BBC.
The cool May weather seems to have continued into the month of June, as weather patterns fail to match the summer heatwave last year.
