High street sales fell for the fifth month in a row in June, according to a survey that suggested bricks and mortar retailers have endured the worst first half year of trading in more than a decade.
UK high street sales fell 1.7% year-on-year in June, the fifth consecutive month of falling sales, according to data released by advisory firm BDO, which bases its finding on a survey of mostly medium-sized retail businesses. It is the first time in at least 12 years that in-store growth had not topped 1% in a single month for the first half of a calendar year.
Sophie Michael, the head of retail and wholesale at BDO, said: “The bleak and crippling start to the year shows no sign of abating, with deep discounting set to eat into [profit] margins that are already being stretched paper-thin by poor sales and rising costs, including the much discussed issue of unfair business rates on high street retailers.”
MPs and retail bosses have called on the government to rethink business rates as rising costs, a shift to online shopping and low consumer confidence have already led to a series of high street failures with well established chains including House of Fraser, New Look, Marks & Spencer and Carpetright all closing dozens of shops.
Business leaders say rates, the tax levied on the value of a commercial property, unfairly discriminate in favour of online specialists such as Amazon, Asos and Ocado.
For more read the full of article at The Guardian
