Sales plunge at fastest rate since financial crisis as UK retailers forecast trouble ahead
A new report from the Confederation of British Industry (CBI) has found that retail sales volumes and orders both fell at their sharpest rate since December 2008 in the year to August.
Companies in the retail sector are also expecting further trouble in the months ahead, with industy sentiment falling to its lowest levels in more than a decade.
“Sentiment is crumbling among retailers, and unexpectedly weak sales have led to a large overhang of stocks. With investment intentions for the year ahead and employment down, retailers expect a chilly few months ahead,” said Anna Leach, CBI’s deputy chief economist.