UK CBI Realized Sales rose to -37 in June, up from -50, worst than expectation of -35, indicating the retail sales dropped at a slower pace. Decline for July is expected to be even worse at -48.
Rain Newton-Smith, CBI Chief Economist, said:
“With high street shops, department stores and shopping centres re-opening across England last week amid some scenes of long queues, you’d be forgiven for thinking retailers’ difficulties are coming to an end. But the health of the retail sector remains in the balance.
“Despite retailers working flat out to make sure they are safe and ready to open their doors, outside the grocery sector most retailers expect sales to be far below where they were this time last year.
“Enabling these businesses to open is a critical step on the road to restarting our economy and will help support hundreds of thousands of jobs across the UK.”
