High Street Retailers’ Sales Decline in June, Despite Offering Discounts

Has Brexit impacted the consumer sentiment in Britain? Sales at high street retailers declined by 0.8% YoY in June, despite the early summer sales and discounts offered to consumers.

According to BDO’s High Street Sales Tracker, in-store sales have failed to grow in 16 out of 17 months so far. Even the recent report by the Confederation of British Industry (CBI) had revealed that retail sales had declined at the fastest pace in 10 years during June.

Retailers continued to offer discounts to woo consumers, but an overall lack in confidence and funds seems to have kept consumers away. However, the sole silver lining has been in the homeware sector where the sales rose by 5.6%.