Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Jan- 2022 -24 January
Retail sales rebound but challenges remain, data finds
The reopening of the economy post-lockdown led to a rebound in sales for FTSE Retailers but warnings have been issued for challenges ahead, according to EY-Parthenon’s latest report. It revealed most retailers experienced a successful Christmas trading period – data from the British Retail Consortium shows that non-food sales in…
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21 January
Signs of footfall return ahead of lifting of Plan B
Increases in footfall are already beginning to be seen after the announcement of the end of Plan B, with footfall on Thursday 20 January up 1.9% on the day previous, and 0.2% on the same day last week, according to the latest figures from Springboard. However, Springboard said that the…
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18 January
Footfall rise shows first signs of return to office
Footfall across UK retail destinations rose by 1.5% last week from the week before, according to Springboard. High streets were responsible for the majority of the rise, where footfall rose by 7.2%, indicating what Springboard said are the “first signs of confidence in returning to the office”. In comparison, footfall…
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18 January
ASOS set to boost UK economy by £3.8bn
Asos’ UK GDP contribution will increase by £2bn to £3.8bn in the next three to four years, with plans to reach £7bn turnover which will reportedly “further boost” the company’s impact in the UK, according to its first Economic Impact report. According to the research, conducted by Oxford Economics, Asos’…
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14 January
UK economy surpassed pre-Covid levels in November
Gross domestic product (GDP) has surpassed its pre-pandemic level for the first time as it grew by 0.9% in November 2021, according to the latest Office for National Statistics (ONS) data. In the latest release, output in consumer-facing services grew by 0.8%, mainly because of a 1.4% increase in retail…
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11 January
Consumer spending rises 12.2% in December
Consumer card spending increased 12.2% in December compared to the same period in 2019, as Brits finished their final preparations for Christmas, according to data from Barclaycard. Barclaycard revealed that spending on essential items grew 13.7%, driven by a 13.9% rise in supermarket shopping, as consumers stocked up on food…
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7 January
Tube strikes threaten West End footfall
A proposed six month strike action across London’s Night Tube is set to bring disruption to businesses across London’s West End in the coming months. Tube union RMT confirmed that strike action would go ahead every weekend on the Night Tube from today (7 January) through to June in an…
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Dec- 2021 -21 December
Sunak unveils £1bn support package for Omicron-hit businesses
Chancellor Rishi Sunak has announced a further £1bn support package for businesses impacted by the new Omicron variant. As part of the support, businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises. There will also be more than…
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17 December
November retail sales rise by 1.4%, ONS reveals
Retail sales volumes rose by 1.4% in November 2021, and were 7.2% higher than pre-Covid levels in February 2020, according to the latest Office of National Statistics (ONS) data. Non-food stores sales volumes rose by 2% during the period due to growth in clothing stores (2.9%) and other non-food stores…
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10 December
Plan B to ‘significantly’ impact footfall, report finds
There will reportedly be a significant impact on footfall in UK retail destinations following the government’s announcement regarding Plan B, which includes guidance to work from home, according to retail experts Springboard. According to Springboard, in Central London and city centres outside of the capital, footfall is currently -20% below…
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