Deloitte comments on latest ONS retail sales data
22 May 2013
Commenting on today’s ONS retail sales figures, Ian Geddes, UK head of retail at Deloitte, said: “Today’s figures are disappointing but retailers will be looking towards the brightening macro-economic outlook to soften the blow. A range of recent positive indicators show the housing market is regaining a little buoyancy, whilst car sales have also risen. This combined with our own research, suggests that consumer confidence is improving and that purse strings are beginning to loosen, albeit moderately. However, consumers seem to be lacking the incentive to shop. Whilst there is no quick fix, this is a difficult challenge that the high street must recognise and work to address.
“Whilst the domestic retail market is on a slow path to recovery, tapping into high growth international markets remains high on the agenda for many UK retailers. There is real appetite from consumers around the world for British brands. Those firms able to capitalise will continue to deliver very strong results. Recent Deloitte research found that FTSE350 companies deriving more than 70% of their revenues from outside the UK have, on average, performed more strongly than their UK-focussed peers in the last five years. Over this time, turnover for international companies has averaged just over 12% a year, more than twice the rate for companies making more than 70% of their revenues in the UK.”
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