David McCorquodale, European Head of Retail at KPMG comments on the latest Retail Sales figures from the Office for National Statistics:
“A combination of summer sun and heavy discounting saw shoppers return to the high street and the tills ring once again. Value for money remains at the forefront of the consumer’s agenda, who will only part with their hard earned cash if the price is right.
“But slashing prices means retailers pay a heavy price in profitability. Some will soon need to make hard decisions about how long they can continue to pursue prolonged discounting without damaging the long term health of their business.
“While May’s sales provided a ray of hope for beleaguered retailers, the British weather soon intervened to put a dampener on proceedings. Only time will tell if June’s torrential downpours dampened the Jubilee spirit and washed away much needed sales.”
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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.