"Momentum in the retail sector remained poor in March, with annual sales volumes falling sharply and no signs of an imminent recovery."
"Retailers report that weak economic conditions continue to weigh on household spending, with subdued activity also evident across the broader distribution sector."
"Steps taken by the government last week to address youth unemployment challenges - including launching foundation apprenticeships in hospitality and retail - are welcome moves to mitigate rising employment costs."
Retail sales volumes fell sharply in the year leading up to March, with a weighted balance of -52%. Retailers expect a similar decline in April at -49%. Sales were considered poor, with expectations for April falling short of seasonal norms at -19%. Online retail sales also decreased to -11%, with a projected decline of -5% for April. Wholesale sales volumes fell at a slower pace of -31%, with expectations of -27% in April. Overall distribution sales volumes decreased at -38%, with a similar rate expected in April at -36%. Economic conditions are impacting household spending.
Read at London Business News | Londonlovesbusiness.com
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