High Street Struggles Continue as Sales Drop and Orders Fall
- Retail sales volumes fell in March
- Fastest contraction in 17 months
- Sales not grown for four consecutive months
- Orders placed on suppliers also fell
- Internet sales growth slowed to lowest rate in 12 months
- Consumer confidence hit by Brexit uncertainty
Retail sales volumes dropped by 18% in the year to March, marking the fastest contraction in 17 months and extending a four-month streak of no growth. The CBI Distributive Trades Survey revealed this disappointing trend, which includes input from 105 firms, including 50 retailers. Internet sales growth also slowed to its lowest rate in 12 months at +21%. Despite these challenges, there is a predicted rise in April for both sales (+15%) and orders placed on suppliers (+6%). Anna Leach, CBI’s head of economic intelligence, emphasized the importance of a Brexit deal to protect the economy and alleviate the High Street’s ongoing struggles.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (CBI Distributive Trades Survey), presents relevant data (retail sales volumes and orders placed on suppliers) and includes expert commentary on the situation. It also offers context for the decline in retail sales (Brexit uncertainty). However, it does include some opinion from Anna Leach which may be considered as a slight bias.
Noise Level: 4
Noise Justification: The article provides relevant information about retail sales volumes and expectations for future growth, but it could benefit from more in-depth analysis of the factors contributing to the decline and potential long-term consequences.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses a decline in retail sales volumes, which can impact the financial performance of retail companies and potentially affect the stock market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
www.retailsector.co.uk