British retailers have warned of pre-Christmas price rises after they reported the smallest year-on-year decline in the average selling price of goods in their stores since before the start of the coronavirus pandemic.
Hard-pressed fashion retailers awaiting government plans for a major shake-up in business rates will have to wait. A call from 40 trade associations for the overhaul to be included in upcoming Budget have been dashed.
Clothing spend rose last month but the UK retail sector remains on a knife-edge with consumer confidence weak and supply chain issues a big worry, the monthly Barclaycard and BRC reports showed on Tuesday.
Xmas shopping is expected to see an early start this year in the UK with a survey showing only 9% of shoppers will leave it until December to make their purchases. But December 18 will still be the season's busiest day.
Covid-19 was no friend to cash. The pandemic saw retail transactions via payment cards rocket in 2020, according to the British Retail Consortium (BRC). Cash now accounts for just 15% of total spending in retail.
UK store prices rose in August and are expected to rise further still as lorry-driver shortages and costs related to Brexit are now hitting consumer budgets, according to the British Retail Consortium (BRC).
Lord Wolfson, the chief executive of high street retail giant Next, has blamed the government’s “insane” immigration policy for the major shortage of heavy-goods vehicle (HGV) drivers hitting Britain’s supply chain hard.