Online Sales Rise, but High Street Struggles

  • Retail sales decline in February due to poor weather and coronavirus concerns
  • Online sales increase by 6% despite overall footfall decrease
  • Retail parks experience negative footfall throughout the month
  • High street sees worst decline with -12.9% drop in week three
  • Inflation at six-month high and wages rising, but not enough to boost spending in February
  • New chancellor may bring changes for struggling high street
  • Coronavirus threatens retail supply chains

February’s retail sales took a hit due to poor weather conditions and growing concerns about the coronavirus outbreak. Despite online sales increasing by 6%, total in-store retail sales declined by 0.9% according to BDO’s monthly High Street Sales Tracker. Retail parks were the only category with negative footfall throughout the month, while high streets experienced a significant -12.9% drop in week three. Inflation reached a six-month high and wages continued to rise, but these positive economic indicators did not translate into increased spending during February. With a new chancellor set to address the struggling high street in the upcoming Budget, there is hope for change, but the coronavirus’s impact on retail supply chains remains uncertain.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the decline in retail sales due to poor weather and coronavirus concerns, as well as a slight increase in online sales. It also mentions the impact of storms on footfall and the potential effects of the new chancellor on the high street. However, it includes some speculation about the future impact of coronavirus on consumer behavior.
Noise Level: 6
Noise Justification: The article provides relevant information about the decline in retail sales and online sales growth due to poor weather and coronavirus concerns, but it could benefit from more analysis of long-term trends or consequences of decisions on those who bear the risks. It also lacks actionable insights or solutions for retailers.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses the decline in retail sales and its correlation with weather conditions and coronavirus concerns, which can impact companies’ financial performance and potentially affect stock prices.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the last 48 hours

Reported publicly: www.retailsector.co.uk