UK Retailers Report Sharp Decline in Sales - CBI Distributive Trades Survey

(RTTNews) - UK’s balance of retailers reporting decline in sales volume in the first half of August stood at minus 46%, the weakest since the survey began in 1983, the Distributive Trades Survey carried out by the Confederation of British Industry showed Thursday. Sales volume is expected to drop sharply in September also, the CBI stated.

Further, the survey showed that the average growth in selling prices slowed from a 16 year high, but remained strong.

Andy Clarke, Chairman of the CBI Distributive Trades Panel and Retail Director of Asda said, “This has been a summer that many retailers would rather forget. The downturn in the housing market is continuing to depress sales for those shops selling big-ticket items.”

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