UK retail sales dropped by an annual 2.7% last month according to data from the British Retail Consortium.
According to the British Retail Consortium’s data, the decrease is the biggest fall since 1995.
Additionally, like-for-like sales decreased by 3.0%. Total three-month average for food came in at 1.9%, followed by the total three-month average for non-food at -1.1%.
“With the biggest decline in retail sales on record, the risk of further job losses and store closures will only increase,” Helen Dickinson OBE, Chief Executive of the British Retail Consortium, commented on the data. “With retail conditions the toughest they have been for a decade, politicians must act to support the successful reinvention of our high streets and local communities,” the Chief Executive continued.
The Chief Executive emphasised the striking differences between May 2019 and May 2018. The latter year brought the UK continuous sunshine, with the atmosphere of the nation driven by the lead up to the World Cup, in addition to the Royal Wedding. May 2019, however, has merely added to the political and economic uncertainty that already existed.
Paul Martin, UK Retail Partner at KPMG, also commented on the data saying that “April may have provided retailers with some light reprieve thanks to Easter, but May’s staggering fall of 3% like-for-like is a stark reminder of the industry’s ongoing issues, which for many require urgent attention.”
Indeed, both in store and online retailers have struggled for survival among the tough trading conditions to hit the UK high street. Retailers across the country have battled for survival amid store closures and staff cuts.
As for the performance of the Food and Drink sector, Susan Barratt CEO at IGD said “we’ve now entered a tough period for year-on-year sales comparisons with the Royal Wedding last May, the men’s football World Cup from June and exceptionally warm weather throughout last summer.”
Perhaps 2018 was a year of highs in comparison to a year of political and economic uncertainty that has unravelled so far, as yearly comparisons show.