Economy

Coronavirus: Full retail revenue bounce back to pre-pandemic amounts

Coronavirus: Full retail revenue bounce back to pre-pandemic amounts”

United Kingdom retail sales continued to recover in June as non-essential shops reopened amid the lifting of coronavirus restrictions.

Andrew Sentance, senior adviser to Cambridge Econometrics, a British-based global economics consultancy, tweeted that "strong rebound in United Kingdom retail sales reported in June as lockdown eases.can the recovery be sustained or is it just pent-up demand?"

Data showed that non-food stores and fuel sales saw strong monthly growths in June, with the volume of sales rising by 45.5 percent and 21.5 percent respectively, although levels had "still not recovered from the sharp falls experienced in March and April".

A new report from the agency found that total retail sales fell by 17.9 per cent as Canadians increasingly sheltered in place between February and May and brick-and-mortar stores closed their doors.

Lynda Petherick, head of retail for Accenture UK and Ireland, said: "June marked another important step on the long road to recovery for the retail sector".

The fallout can be seen in the mounting job losses announced by stalwarts, from John Lewis to M&S. At the same time, online sales remain well above pre-pandemic levels, meaning it's the brands which have worked on their e-commerce offer these last few months that will emerge stronger as lockdown lifts.

"But the recovery is being felt unevenly across the sector, with clothing retailers remaining under significant pressure".

Household goods stores also saw strong sales in June, with the furniture and DIY categories in fine fettle.

Mr Athow stated they had fallen so far that "virtually any decide on-up will seem like a big selection".

However, Markit's chief business economist, Chris Williamson, cautioned: "While the recession looks to have been brief, the scars are likely to be deep".

More news: COVID-19 lockdowns halve human-related seismic vibrations across globe

The "flash" - or preliminary - Purchasing Managers' Index (PMI), compiled by IHS Markit and CIPS, rose to 57.1 in July, up sharply from 47.7 past thirty day period.

It was the first time since February that it was above 50, indicating expansion.

1 businesswoman who has taken gain of the go to online procuring is Hellen Stirling-Baker of Modest Stuff, a Sheffield-based impartial retailer.

"Driving my keep online is how I have been equipped to survive", she mentioned.

"I have also included new services this kind of as neighborhood supply by hand, which seriously strengthen engagement".

Richard Lim, chief executive of Retail Economics, said: "The retail sector bounced back as the reopening of shops released pent-up demand for some retailers".

British consumer confidence remained unchanged at -27 this month.

Silvia Rindone, retail partner at EY, said the latest figures showed there was "some hope on the horizon", with consumers beginning to show "a cautious optimism".

"With face coverings now compulsory in England's shops, physical retailers need to continue to focus on reassuring customers".



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