United Kingdom

Details

  • Industry: Retail and Consumer Goods
  • Date: 15/11/2012

October retail sales worryingly lacklustre 

David McCorquodale, Head of Retail at KPMG, comments on the latest Retail Sales figures from the Office for National Statistics:

 

David McCorquodale, Head of Retail at KPMG, comments on the latest Retail Sales figures from the Office for National Statistics:

 

“October’s lacklustre sales are disappointing, with both sales values and volumes falling after the minor uptick witnessed in September.  The figures will put even more pressure on retailers to get Christmas right and will certainly influence how they approach the next five weeks of trading.

 

“We may see some decide to ‘up the ante’ and begin significant promotions and discounts in order to win sales from their competitors. This can be a high risk strategy.  Discounting can drive footfall, but if retailers cut too deeply this can impact profitability at a vital time of year.

 

“One thing is clear: the high street remains as competitive as ever.  While consumer confidence remains shaky retailers will have to fight hard to win a share of the Christmas wallet.”

 

Ends

 

Notes to editors:

For press enquiries please contact
Zoe Sheppard, PR Manager at KPMG: +44 (0)117 905 4337 
zoe.sheppard@kpmg.co.uk 

 

About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff.  The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.