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On this episode of Talking Shop, we're joined by Dan Cate, CEO and Founder of SoldThrough. Dan is a heavyweight retail executive who has spent decades steering the merchandising and digital operations of America’s most iconic retail institutions, from Saks Fifth Avenue and Bloomingdale’s to Century 21 and Lord & Taylor. Today, through his platform SoldThrough, Dan helps international fashion brands cross the Atlantic and crack the notoriously brutal U.S. retail landscape. We break down his journey from the shop floor to the C-suite, the operational indicators that prove a brand is truly ready for international expansion, and how to navigate a fragmented American market without destroying your margins. We also discuss how to balance localised inventory with central efficiency, and the one non-negotiable metric that tells you a product has found genuine market fit.

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Retail sales volumes fell by 1.1% in October 2025, the first monthly drop since May, as retailers reported that many shoppers held off spending in the run-up to Black Friday.

The fall followed a revised 0.7% rise in September and a 0.5% increase in August. Supermarkets, clothing stores and mail order retailers all saw lower volumes in October, with several citing delayed purchasing as consumers waited for discounts.

Volumes in October were 0.2% higher than a year earlier but remained 3.3% below their level in February 2020, before the coronavirus pandemic.

Online sales values also declined on the month, down 0.8% in the first fall since January, though they were 4.8% higher than in October 2024. Total spending across in-store and online channels fell by 0.9% in October, leaving the share of online sales unchanged at 28.1%.

Over the wider three-month period, sales volumes rose by 1.1% compared with the three months to July 2025 and were 0.4% higher than in the same period a year earlier. The summer performance was supported by clothing stores, which peaked in September, and by computer and telecommunication retailers, which benefited from new product launches.

Non-store retailers continued to show three-month growth, with some online jewellers reporting stronger demand for gold in September.

ONS Chief Economist Grant Fitzner said: “Retail sales grew strongly in the three months to October. This was mainly due to strong clothing sales throughout, peaking in September. Tech stores did well, with strong trading from new product launches continuing into October.

“However, in October alone monthly sales fell back for the first time since May. Supermarkets, clothing stores and online retailers all saw slower sales, with feedback from some retailers that consumers were waiting for November’s Black Friday deals.”

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