Retail sales hit by biggest fall on record in May
Retail sales across the UK fell by their biggest margin on record in May, according to an influential monthly report.
The British Retail Consortum (BRC) – KPMG audit showed that sales decreased by 2.7% in May. This is the worst decline since this record began in January 1995.
One silver lining for East Midlands retails is that this was against an increase of 4.1% in May 2018, itself a four year record.
Helen Dickinson OBE, chief executive at the BRC, said: “With the biggest decline in retail sales on record, the risk of further job losses and store closures will only increase. While May 2018 offered almost unbroken sunshine, topped off by the run up to the World Cup and the marriage of Meghan and Harry, May 2019 delivered political and economic uncertainty. Food sales dropped for the first time since June 2016, with further declines in clothing, footwear and outdoor goods.
“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.
“Business rates remain a barrier, preventing many retailers from investing in their physical space. We have a broken tax system, which sees retailers paying vast sums of money regardless of whether they make a penny at the till, and yet the Government is failing to act. The legislation is falling behind the technological revolution.”
