Retail Sales Surge Amid Milder Weather and Innovation
- UK retail sector experiences growth in March
- Retail sales increase by 1.6% compared to previous quarter
- Milder weather boosts sales
- Online sales proportion increases to 18.6%
- Department stores see decline in quantity bought
The UK retail sector has shown a significant improvement in the three months to March 2019, with an increase of 1.6% compared to the previous quarter, according to ONS figures. The growth is attributed to sustained growth throughout the first quarter of the year and all store types except department stores and household goods stores. Food stores and non-store retailing contributed most to this growth. Year-on-year growth in quantity bought increased by 6.7% in March, the highest since October 2016. Department stores were the only type to decrease compared to March 2018, with a fall of 0.3%. Online sales proportion rose to 18.6%, up from 18.1% in February 2019. Andy Soloman, Founder and CEO of Yomdel, commented on the positive signs for the sector: ‘It’s crucial that bricks-and-mortar stores continue to innovate and evolve to meet consumer preferences while online shopping continues to grow.’
Factuality Level: 8
Factuality Justification: The article provides accurate information about the increase in retail sales and the contribution of different store types, as well as the growth of online sales. It also includes relevant quotes from an expert to provide context and analysis. However, it contains a slight personal perspective from the CEO of Yomdel which may not be universally accepted truth.
Noise Level: 3
Noise Justification: The article provides relevant information about the increase in retail sales and the impact of online shopping on bricks-and-mortar stores. It also includes insights from an expert’s perspective. However, it lacks a deep analysis or exploration of long-term trends or consequences of decisions.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses the increase in retail sales and its impact on various store types, including online sales and bricks-and-mortar stores. This information is relevant to financial markets as it affects consumer spending and businesses within the retail industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article
www.retailsector.co.uk