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- 2019 -31 January
UK consumer confidence down five points year-on-year in January
GfK’s long-running Consumer Confidence Index decreased by five points year-on-year to -14 in January 2019. The measure for the general economic situation of the country during the last 12 months has dropped four points to -35 in January, six points lower than January 2018, with expectations for the next 12…
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30 January
January shop price inflation highest since 2013
Shop price inflation increased to 0.4% in January, up from 0.3% in December 2018 – the fourth consecutive month of price increases and the highest inflation rate since April 2013. According to the figures from the BRC-Nielsen shop price index, non-food deflation continued to decelerate, with prices falling by 0.3%…
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29 January
Mike Ashley faces fine for late account filing of Mash Holdings
Mash Holdings, a company run by Sports Direct owner Mike Ashley, could be facing a fine as its accounts filings are six months late. The company’s filings were expected on the 23 July 2018 and have currently still not been submitted according to BBC news. As such the company could…
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28 January
Online retail tax could be unlawful under EU rules, Treasury warns
The government has said taxing online giants, like Amazon, through a sales tax could be illegal under EU rules. Under European Union State aid rules it is illegal for EU countries to give financial advantage to some companies and not others in a way which could distort fair competition. The…
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24 January
Retail spending bounces back in December despite ‘tough’ festive period
Retail spending bounced back in the UK in December 2018 after a tough November as GlobalData’s total retail index rose by 11.5 points versus the previous month. The company’s latest report ‘UK Monthly Spend Tracker – December’ revealed that despite improved spending in the month, many retailers started their sales…
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21 January
ONS reports retail growth ‘slowdown’
The Office for National Statistics (ONS) has announced a “slowdown” in retail growth for the whole of 2018 which it said increased by 2.7% in the quantity bought, 2% less than the peak of 4.7% experienced in 2016. For the three months to December 2018 estimates in quantity bought declined…
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21 January
Retail job losses to increase by 27,000, analysis suggests
Online retailers are having a “profound effect” on the commercial property market as the value in retail property is set to fall by 15.9% this year, new research has predicted. Furthermore, job losses and store closures have been forecasted to increase by 26,918 and 3,764 respectively compared with 2018 across…
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18 January
Moodys lowers Debenhams and New Look ratings
Financial services firm Moodys has changed the outlook for both New Look and Debenhams from stable to negative amid both retailer’s current financial troubles. Debenhams posted a poor Christmas trading update and is currently holding discussions to refinance its £320m revolving credit facility. The department store reported a 3.4% drop…
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17 January
Smartphone shopping to reach record usage in 2019
In 2019, and for the first time ever, consumers will be as likely to shop on their smartphones as they would a laptop or desktop, according to research by price comparison and switching service, uSwitch.com. Shoppers plan to spend £25bn using their smartphones this year, a £10bn rise on 2018.…
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16 January
Build-A-Bear lowers UK trading expectations due to ‘significant’ Brexit challenges
Build-A-Bear has announced it has lowered its trading expectations for the UK due to “significant” challenges posed by uncertainty around Brexit. The retailer identified the EU’s GDPR laws as some of the factors causing uncertainty in its UK business. A statement by Build-A-Bear said its “sales decline will be largely…
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