Sales plunge 2.3 per cent across retailers as bad weather prompts Brits to stay home
APRIL showers were a washout for retailers — as shoppers stayed home.
Last month’s sales plunged 2.3 per cent — much more than March’s 0.2, Office For National Statistics figures show.
Bad weather put shoppers off buying sports equipment, games, toys, and furniture. Fashion and footwear stores were worst hit with a sales dip of 5.1 per cent.
Footfall was down seven per cent, said the British Retail Consortium.
And online sales — usually less affected by bad weather — fell 1.2 per cent.
Consumers were also hit by April price increases of mobile phones and TV subscriptions. Rob Wood — chief UK economist for Pantheon Macroeconomics — said the past three months had seen “relentlessly bad weather”.
He added: “Rain was 55 per cent above average in February, 20 per cent in March, 68 per cent in April.”
Danni Hewson, head of financial analysis at AJ Bell, said: “The rainfall provided an excuse not to venture out to update spring wardrobes — and not to splash out on outdoor sports equipment that would be left to languish in sheds and garages until things cleared up.”
She said retailers are hoping for a warm summer with “long, dry days filled with BBQs, weddings and people moving house”.
PWC’s Lisa Hooker said Wimbledon, the Euros and Olympics will lift trading.
Bird’s flown
THE boss of investment group Abrdn is stepping down after nearly four years in charge.
Stephen Bird’s legacy is the company’s ridiculed rebrand from its old name of Standard Life Aberdeen.
The struggling business is seeking a successor — and plans to cut 500 jobs this year to save £150million.
Bank buyout
THE CO-OP BANK brand looks set to disappear from high streets after Coventry Building Society finalised its £780million takeover.
The mutual said there would “inevitably be change over time” but both brands will operate meanwhile.
The tie-up will create a banking giant with about £89billion of assets.
Good week
STUART Machin, boss of M&S, which delivered its best results for almost three decades with profits up 41 per cent.
Bad week
IAN Stuart, UK boss of bank HSBC, which was fined £6.2million for failing customers in financial difficulty.