Analysts had been holding their breath this morning. They were waiting for the release of the latest data on retail sales and, sure enough, the ONS duly obliged.
At first glance, it looked rather like something of a damp squib. Until, that is, you take a closer look, and all of a sudden the data looked more akin to a giant squid, sitting in the comer of the living room.
During October, retail sales fell by 0.1 per cent. Analysts had been expecting a 0.9 per cent fall.
As for annual growth, High Street spending rose by 1.9 per cent in the year to September, from 1.7 per cent in the year to October. So, all in all then, not a bad set of statistics.
Until, that is, you observe the giant squid in the living room.
Sales volume for non-food stores fell by 1.1 per cent.
The truth is, though, there has never been a Christmas like this one. Today, Marks and Spencer is having a special one-day sale – unprecedented for this time of they year. Woolworths is up for sale: price tag – £1.
It seems that this Christmas, pressies will be thin on the ground – but the real clincher will be what happens in the New Year.
It is clear the UK’s retail scene is set to change. The falls we are seeing to date are small compared to what we will see. The UK had become over reliant on its High Street, and we are set to see a permanent adjustment.
But all those state of the art shopping centres across the land have one potential USP. Britain could yet become the shopping Mecca for Europe. If the High Street really wants to build itself a future, it needs to learn how to attract shoppers from across the seas.
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