16.08.2018

Sector Growth Ahead Of Expectations

Retail sales in the UK rose by 3.5% in the year to July, according to The Office for National Statistics (ONS).

The figures which were ahead of expectations revealed strong online sales but highlighted that many consumers are staying away from some High Street stores.

The ONS also said that food sales boosted by the World Cup and added that clothing sales recorded their strongest year-on-year growth since December, also helped by sales promotions.

On the three-month measure for May to July, sales rose 2.1% - the strongest three months since February 2015.

According to ONS, total online spending in July 2018 continued to increase to a new record proportion of all retailing at 18.2%.

Irwin Mitchell recently published a special edition of its UK Powerhouse report which analysed the role that retail has in driving economic growth in the UK. The report highlights challenges that businesses are facing in the sector and includes a range of legal issues and solutions that should be considered at board level. The report can be downloaded here.