According to a recent report by the British Chamber of Commerce, the retail sector has increased its overall turnover for the second month in a row.
It is a well documented fact that the British high street felt the recession in a more pronounced way than almost any other sector; indeed, both big brands such as Marks & Spencer and small independently owned shops recorded the worst sales figures ever seen. However, if recent sales increases continue, there may be light at the end of the tunnel.
A number of reasons have been given for the increase in sales volume on the high street; summer holidays, improved weather conditions and an overall increase in consumer confidence to name a few. However, economists warn that there are still tough times ahead for retailer. We speak to economist Adrian Cole.
“ While this increase in retail revenue is extremely positive , with the planned increase in VAT and the impact public sector cuts, the British high street still faces a tough year ahead.”