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Scotland sees best retail performance in four years

Category: Scottish Economy — Gary Cain on September 16, 2013

Official figures recently released have suggested that the country’s retail sales have hit their highest point in four years.

According to data from the Scottish Retail Commission (SRC), total high street sales grew by around 3.5 per cent in August, compared to the same month in 2012.

The greatest growth was seen in food, which topped out at 3.6 per cent. However, the success of sales was clearly aligned to the rising temperatures, with garden centres and fashion retailers also posting particularly strong figures.

The SRC’s Fiona Moriarty, director for the body, said:

“The best August since 2009 has helped to keep the positive momentum going following a record-breaking July.

“Combined with a recent uplift in Scottish consumer confidence, the signs are that many of us are increasingly feeling more optimistic about the economy and responding well to retailers’ targeted promotions and new ranges.”

The news will be welcomed by retailers, which will hope that as the colder weather comes in, sales will hold their own.

It is not only the weather that has helped though.

Many firms have put themselves in a much stronger position over recent years financially – by reducing credit lines and lessening their dependence on traditional loans.

Many have raised funds and maintained cashflow through new initiatives too, often with the help of an invoice discounting broker.

As well as the weather, schools going back and increased media reports of growing confidence have helped maintain sales.

Shop price deflation has also contributed to a greater increase in sales, by a further half a per cent, in real terms.

'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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