Wednesday, 30 July 2008

UK Retailers Suffer Worst Month in 25 Years

Britain's retailers have suffered their grimmest month in a quarter of a century as deep price cuts in the summer sales failed to entice wary consumers into the shops, the CBI said today.

The monthly snapshot of the high street from the employers' organisation found that 61% of businesses said activity was lower in July than a year earlier while only 25% said it was higher.

The CBI said the resulting balance of -36 points was the weakest since it began its distributive trades survey in 1983 and that retailers expected another dismal month in August.

[Posted at the SpookyWeather blog, July 30th, 2008.]

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