SRC puts politicians in spotlight over tough conditions
NEW Office for National Statistics figures show the quantity of retail sales grew by just 0.5% in the first quarter of 2018, a drop of 0.3% on the previous quarter.
The value of retail sales in Scotland, adjusted for seasonal effects but not inflation, increased by 0.5% during the period, with volume sales up 1.5% when compared with Q1 in 2017.
David Lonsdale, director of the Scottish Retail Consortium welcomed the limited growth, but also fired criticism in the direction of Westminster and Holyrood.
“Any growth in the value of retail sales is positive at a time when trading is incredibly competitive and the industry is in the midst of significant transition.
“However, there will be palpable disappointment within the sector that the growth rate is barely half that of the final quarter of 2017, although the wintry conditions may have been a contributory factor.
“Nonetheless, there is now limited space for retail sales to fall further if they are to avoid entering negative territory
“Whilst retailers have strived to keep shop prices down, the reality is overall inflation and rising household bills are continuing to eat into shoppers wallets, presenting retailers with a nail-biting period ahead.
“Higher council taxes and income tax, increased statutory pension contributions, and potentially interest rate rises run the risk of becoming an unpleasant cocktail of extra costs for Scottish households.
“Politicians need to pay close attention to the impact of these changes on consumers if they don’t want to see the already significant pressures on the High Street becoming even more severe.”
