Summer is smiling on the British high street as the good weather boosted retail sales beyond last months figure and above the expectations of a group of economists polled by Reuters.
The Confederation of British Industry surveyed 133 different retailers and found that 46 per cent of retailers said sales volumes rose in the year to July while 25 per cent said they fell, giving a balance of + 21 per cent. Expectations had been for a balance of +17 after last month's figures came in at just + four per cent.
Barry Williams, chair of the CBI Distributive Trades Survey Panel and Asda SVP and chief merchandising officer for Food, said:
As the temperature began to rise, it seems so did sales volumes. Almost all sectors saw growth, with grocers and clothing stores telling us they performed particularly well as people bought barbeque supplies and summer outfits.
Retailers expect an even faster rise in sales volumes next month, and are stocking up in anticipation of growing demand.
The most successful sub sectors were clothing retailers (+45 per cent) grocers, (+33 per cent), specialised food & drink (+24 per cent), footwear & leather (+74 per cent), furniture & carpets (+51 per cent) and hardware and DIY (+20 per cent).