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25 Jul 2023

Norwich has triumphed ahead of Newcastle and Belfast to be named the most cycle-friendly city in the UK, scoring  high marks for categories like cycle routes, bike sharing schemes and...

25 Jul 2023

ACT member BikeTown in Rutherglen is to hold a cycling festival in the lead-up to the 2023 UCI Cycling World Championships.

24 Jul 2023

Eleven local authorities in England have been funded to enable health workers prescribe walking and cycling to patients.

24 Jul 2023

Cycling Electric has run an interesting article on the value of buying an e-bike from a local independent bike shop.

11 Jul 2023

Charity Cycling UK has launched The Big Bike Revival 2023 to support new and returning cyclists through a programme of free events.

11 Jul 2023

A survey undertaken by ACT members The Electric Bike Shop has shown that specialist bike retailers are continuing to see the benefit of having physical high street stores over a pure ecommerce...

11 Jul 2023

Giant UK has partnered with Activate Cycle Academy and the Association of Cycle Traders (ACT) to provide a Cytech technical e-Bike qualification.

11 Jul 2023

As of 30th June 2023, the registered Head Office for V12 has relocated, and as a result their registered office address has changed.

3 Jul 2023

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, has announced that Whistler Adventure School (WAS), a private career training institution in...

29 Jun 2023

With this Saturday and Sunday marking Independents’ Day weekend, the culmination of the annual campaign to promote independent retailers around the UK, ACT member Elmy Cycles in Ipswich...

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Retail sales rose in July but ‘rocky road ahead’ forecast for retailers

Posted on in Business News , Cycles News

According to the BRC-KPMG Retail Sales Monitor, retail sales rose in July though the news came with a warning that this could be the “lull before the storm”.

UK retail sales were up 1.6% on a like-for-like basis against an increase of 4.7% in July 2021 according to the new data. During the quarter to July in-store non-food sales increased by 1.2% on a like-for-like basis since July 2021. This was below the 12-month growth of 34.4%. Online non-food sales were down, however, by 3.9% against a decline of 0.6% in July 2021 and a 12-month decline of 14.1%.

KPMG head of retail Paul Martin said: “Despite consumer polls suggesting confidence is at an all-time low, this hasn’t translated to money not being spent at the tills, as consumers are determined to enjoy delayed holidays and an unrestricted summer.”

However, he sounded a note of caution, warning: “The summer could be the lull before the storm with conditions set to get tougher as consumers arrive back from summer breaks to holiday credit card bills, another energy price hike and rising interest rates. With stronger cost-of-living headwinds on the horizon, consumers will have to prioritise essentials, and discretionary product spending will come under pressure.”

He added: “As margins continue to be challenged, and costs continuing to rise, a significant drop in demand come the autumn will have detrimental impact on the health of the retail sector. Truly understanding individual customer buying patterns and being able to differentiate these will become increasingly more important for the sector.”

BRC chief executive Helen Dickinson, said:

“Sales improved in July as the heatwave boosted sales of hot-weather essentials. Summer clothing, picnic treats and electric fans all benefited from the record temperatures as consumers made the best of the sunshine. However, with inflation at over 9%, many retailers are still contending with falling sales volumes during what remains an incredibly difficult trading period.

“Consumer confidence remains weak and the rise in interest rates, coupled with talk of recession, will do little to improve the situation. The Bank of England now expects inflation to reach over 13% in October when energy bills rise again, further tightening the screws on struggling households. This means that both consumers and retailers are in for a rocky road throughout the rest of 2022.”

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