"With the Budget looming large, and households facing higher bills, retail spending rose more slowly than in recent months. Milder weather meant shoppers delayed refreshing Autumn and Winter wardrobes and growth in food sales was largely inflationary rather than volume growth. Meanwhile, Electrical sales were buzzing thanks to the release of the new iPhone and Apple Watch. Rising inflation and a potentially taxing Budget is weighing on the minds of many households planning their Christmas spending."
"Retailers also face difficult decisions about investment and hiring over the Golden Quarter given uncertainty over business rates bills arriving in April. The future of many large anchor stores and thousands of jobs remains in jeopardy while the Treasury keeps the risk of a new business rates surtax on the table. By exempting these shops when the Budget announcements are made, the Chancellor can reduce the inflat"
UK total retail sales rose 2.3% year-on-year in September, above the 12-month average of 2.1%. Food sales increased 4.3% year-on-year, exceeding the 12-month average of 3.4%, with growth described as largely inflationary rather than volume-driven. Overall Non-Food sales rose 0.7% year-on-year, below the 12-month average of 0.9%; In-Store Non-Food rose 0.5%, above its 12-month average of 0.4, while Online Non-Food rose 1.0%, below its 12-month average of 1.8%. Online penetration of Non-Food reached 37.6%, slightly above the 12-month average of 37%. Retailers face uncertainty over business rates and a potential new surtax, which could influence investment and hiring decisions during the Golden Quarter and threaten large anchor stores and associated jobs.
Read at London Business News | Londonlovesbusiness.com
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