Connect with us

Hi, what are you looking for?

Investing

Retail sales in 2020 worst on record

Closing Down

Retailers suffered their worst annual sales performance on record in 2020, driven by slump in demand for fashion and homeware products, figures show.

While food sales growth rose 5.4% on 2019, non-food fell about 5%, the British Retail Consortium (BRC) said.

It meant an overall fall of 0.3% in a year dominated by the Covid-19 impact, the worst annual change since the BRC began collating the figures in 1995.

Christmas offered little cheer, with much of the High Street still closed.

“Physical non-food stores, including all of non-essential retail, saw sales drop by a quarter compared with 2019,” said Helen Dickinson, BRC chief executive.

“Christmas offered little respite for these retailers, as many shops were forced to shut during the peak trading period,” she said.

The 5.4% rise in food sales was fuelled by shoppers flocking to supermarkets and online grocers to ensure they were stocked up during the pandemic.

In December, total retail sales increased by 1.8% as shoppers spent more in the run-up to Christmas. Like-for-like sales for the month were up 4.8% as overall shop takings were still affected by restrictions and temporary closures.

Online non-food sales jumped by 44.8% in December, according to the new figures, as a higher proportion of shopping took place online.

Worse to come?

The BRC’s sales monitor is collated with the consultancy KPMG, whose UK head of retail, Paul Martin, said: “In the most important month for the retail industry, there was some positive growth due to the ongoing shift of expenditure from other categories such as travel and leisure.

“Once again we saw big swings in the types of products being purchased and the channels used for shopping, with much of the growth taking place online, where nearly half of all non-food purchases were made.”

But he warned that the new lockdown would worsen conditions for many non-essential shops and the High Street generally.

Last week, a report from the Centre for Retail Research (CRR) said that 2020 was the worst for High Street job losses in more than 25 years, as the coronavirus accelerated the move towards online shopping.

Nearly 180,000 retail jobs were lost last year, up by almost a quarter from 2019, the CRR said.

Read more:
Retail sales in 2020 worst on record

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The number of businesses going bust in England and Wales jumped last month to its highest level since the start of the pandemic, as...

Economy

Co-engineered with ZEISS, new vivo X70 highlights state-of-the-art mobile photography technology Global brand vivo remains top of mind when one thinks of premium imaging...

Investing

Half of the UK’s working mothers do not get the flexibility they ask for, while those that do work flexibly face discrimination, according to...

Economy

By Jenina P. Ibañez, Reporter   Money sent home by overseas Filipino workers (OFWs) increased for the seventh straight month as more host economies with...

Economy

The Bureau of Internal Revenue (BIR) clarified that only medicines and medical devices for the treatment of coronavirus disease 2019 (COVID-19) included in an updated government list...

Economy

Typhoon Kompasu has resulted in the worst container shipping traffic jam in months, one that now stretches throughout Southeast Asia and may take weeks to unravel. ...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!