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Retail sales down in Scotland despite UK growth

Category: Scottish Economy — Mark on November 2, 2013

The latest figures from the Office of National Statistics have shown an increase in retail sales for September across the UK. However, Scottish retailers saw their sales fall, further underpinning the importance of workable financial strategies.

Responding to the news, the Scottish Retail Consortium said the downturn was likely to be a result of families planning for Christmas. It also shows that firms working with invoice factoring facilities are best placed to respond to fluctuations in the economy.

On a national level, sales were up by 0.6 per cent from August to September. Annually, sales volumes rose by 2.2 per cent from September last year.

However, the ONS figures showed a drop in supermarket sales. The figures also came following a surprise drop in spending throughout August, largely as a result of the extended period of good weather the country enjoyed.

Overall though, the latest data supports the opinion of many industry analysts, who are suggesting that the last two quarters of the year will see accelerated growth.

Whilst having a robust financial strategy in place is important for retailers to succeed in the present climate, branding is also crucial. According to one Deloitte analyst, those firms delivering “highly desirable and creative” products will continue to do well.

The ONS retail sales figures are taken from the results of a monthly survey polling 5,000 retailers across the nation. The performance of the industry is seen as a key indicator into the wider economy and consumer confidence.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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