Newspaper article The Journal (Newcastle, England)

High Street Downturn Impacting on the General Economy

Newspaper article The Journal (Newcastle, England)

High Street Downturn Impacting on the General Economy

Article excerpt

The high street spending slump is starting to hit other sectors of the economy, the CBI has warned.

Sales volumes in the retail sector fell for the eighth month running, the CBI's Distributive Trades Survey (DTS) showed yesterday.

And the employers' body said the pain felt by retailers was now putting pressure on wholesalers and manufacturers.

According to the DTS, 42% of retailers questioned said their sales were down on the same time last year, while 24% said they were up. The balance of minus 18 beat analysts' expectations but came after the survey recorded the weakest sales in its 22-year history last month.

The CBI also said retailers expected the rate of decline to slow in the run-up to Christmas.

It came as another gloomy study showed the number of people entering stores in the UK fell to the lowest level in seven years last month.

Data from retail analyst SPSL showed that retail footfall was 2.9% lower in October than the same month last year, as factors such as higher petrol prices forced consumers to rein in on shopping trips. …

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