"Sophie Michael, Head of Retail and Wholesale at BDO, highlighted, 'These results speak to the much reported and very concerning long-term decline in the UK high street.'"
"The report reveals in-store sales in lifestyle and fashion categories were below inflation, indicating actual sales volumes shrank compared to the previous year."
"Retailers face tough conditions with growth at just +1.2% against last year's -2.0% base, showcasing the struggle to entice consumers into stores."
"The fashion sector, a traditional UK high street staple, is vulnerable as consumers prioritize essentials, forcing retailers to rely on heavy discounting."
BDO's High Street Sales Tracker reports a 2.3% growth in discretionary retail sales in February, rebounding from a -1.3% drop last year. However, actual consumer spending, particularly in lifestyle and fashion categories, remains low due to high living costs, leading to diminished sales volumes. In-store fashion sales saw no growth, highlighting retailers' struggle to draw shoppers into physical stores. Sophie Michael from BDO notes the concerning long-term trend of declining high street performance, prompting retailers to cut back on investments, particularly in the fashion sector, which relies heavily on discounts to drive sales.
Read at London Business News | Londonlovesbusiness.com
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