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Retail begins to pick up in July despite Brexit

Published: 9 August 2016
Sales picked up in July, according to the latest report from the British Retail Consortium, and retail grew at its fastest pace since January.
Retail begins to pick up in July despite Brexit
Weather, tourists taking advantage of the weak pound and heavy discounting were credited with the uptake. It comes despite the uncertainty initially seen following June's Brexit vote, with the BRC KPMG sales monitor reporting a 1.9% sales increase, with a 1.1% increase like-for-like.

In the three month period from May to July total UK sales rose 1.1%, in line with the 12-month average of 1.2%.

BRC chief executive Helen Dickinson said: "This month's solid sales figures may come as a shock to some given the slew of early indicators suggesting that consumer activity was slowing in the wake of the referendum result.

"However, little has materially changed for most UK households in the wake of June 23, so it is not surprising to us that sales are simply responding to their normal underlying drivers.

"Whilst retailers continue to monitor the situation in the wake of Brexit, responding to rapid and complex change in consumer behaviour in the midst of a highly competitive market remains the substantive challenge.

"The industry is in the process of productivity-enhancing transformation, but Government needs to play its part to ensure that change is not suffocated by increasing costs."

Comments

09 August 2016 01:01:00
By bq bob
This is exactly what I said against an earlier story about Travis Perkins blaming poor sales on brexit. We had a non existent summer so we had non existent summer sales. Then the weather changed in July the sun came out and sales picked up. Those who blamed it on brexit are fools.

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