David McCorquodale, Retail Partner at KPMG, comments on the latest Retail Sales figures from the Office for National Statistics:
“With a fantastic Olympics set to inspire a generation in sports, it sadly did not inspire a pickup in High Street spending. Without doubt, the Olympics and Paralympics brought a much needed feel good factor to consumers but this did not translate into retail sales, which continue to flatline. However, August is traditionally a weak month for sales; retailers must now turn their attention to the next three months, which will have a critical impact on their profitability."
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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.