The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
British retail sales have suffered their most widespread annual drop since May this month, according to a survey published on Tuesday, which suggests that the latest lockdown is taking a heavy toll on many shops.
The Confederation of British Industry’s retail sales balance, which asks retailers to compare sales with a year earlier, slumped to -50 in January from -3 in December, below all forecasts in a Reuters poll of economists.
“With the lockdown likely to remain in place in the near-term, retailers expect this weakness to continue,” CBI economist Ben Jones said.
The outlook for retail sales in February was -47, its lowest since July.
ADVERTISEMENT
While the fall in sales was reported by a high proportion of retailers, the CBI said it expected the actual decline to be much less severe than in the first lockdown in 2020.
Retail sales were a relative bright spot for Britain’s economy, shrinking much less than the wider economy as shoppers spent more on groceries and things to improve their living space during lockdown.
Online sales have boomed, but many high-street retailers have struggled, especially clothing stores.
The CBI said it wanted finance minister Rishi Sunak to extend a property tax exemption for non-essential retailers that had been required to shut as part of the latest lockdown, which began on January 5.
By David Milliken; Editor: Andy Bruce
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.