The most recent retail sales growth reached the highest it has been in a year, accelerating to 6.3 per cent recently.
According to the Office for National Statistics (ONS), sales by value on a year-on-year seasonally adjusted basis was 6.3 per cent in March, which it has not been since March 2022.
However, this is due to the rising cost of goods, as sales by volume on a year-on-year seasonally adjusted basis fell by 3.3 per cent.
Chief executive of the British Retail Consortium Helen Dickinson said: “Despite the ongoing cost of living squeeze, customers were still ready to spend on what they needed, with higher sales for categories including clothing and cosmetics.”
The re-opening of a few Jigsaw stores is another reason to believe the retail sector has been improving lately. After closing 30 of its sites during the pandemic, the clothes shop will now open in Manchester, Islington and Kingston and a store has already been launched at Battersea Power Station.
She noted that Brits face more financial challenges in the coming months, including the end of the Energy Bill Support Scheme in April. The increasing cost of borrowing plus rising food and fuel prices is also impacting their spending.
Therefore, Ms Dickinson stated it is important the government does not add more regulatory burdens on businesses, as this would “risk pushing prices up, adding to the squeeze on consumer wallets”.
Stores, therefore, have to keep attracting customers through its doors despite the difficult times. Being on top of their retail maintenance will help ensure they maintain their appeal.