Bira (the British Independent Retail Association) has responded to the BRC-KPMG Retail Sales Monitor for May 2024; the report highlighted that UK Total retail sales increased by 0.7 per cent year-on-year (YoY) in May, against a growth of 3.9 per cent in May 2023.
The CEO of Bira, Andrew Goodacre, stated that the priorities of the incoming government must be economic growth and reviving consumer confidence; he highlighted that high streets are the lifeblood of local communities and more needs to be done to support them in light of this report.
Mr Goodacre said: “These latest retail figures showcase the challenging landscape facing Britain’s high streets. While some sectors have fared better than others, the overall results are disappointing. Life on the high street remains an uphill battle.”
Non-Food sales decreased 2.4 per cent year on year over the three-months to May, against a growth of 0.7 per cent in May 2023. This is steeper than the 12-month average decline of 1.7 per cent. For the month of May, Non-Food was in decline year-on-year.
The report showed that in-store Non-Food sales over the three months to May decreased 2.7 per cent year on year, against a growth of 2.9 per cent in May 2023. This is below the 12-month average decline of 1.1 per cent.
“Small and independent retailers are particularly vulnerable, operating on slimmer margins. A failure to stimulate consumer spending and nurture an environment conducive to entrepreneurship could devastate many beloved local businesses. Robust policies are urgently needed to revitalise our high streets – the cornerstones of our towns and cities. By prioritising their revival, we safeguard livelihoods and preserve the very soul of our communities for generations to come,” he added.
