UK retail sales fall more than expected despite 35% surge in online sales, as the public finances record the first January deficit in 10 years
Jace Tyrrell, chief executive at New West End Company, which represents 600 businesses on Oxford Street, Regent Street, Bond Street and in Mayfair, says:
Six weeks into the new year, and the retail and hospitality sector has already had to forego vital trading moments such as the January sales, Chinese New Year, and Valentine’s Day.
But hope is on the horizon, and we are confident that visitors will come back to the West End once lockdown is eased. The launch of Westminster City Council’s £150m Oxford Street District transformation is further evidence that there is huge appetite to invest in creating an altogether stronger high street.
Lisa Hooker, consumer markets leader at PwC, says:
There are signs that retailers have adapted better to the latest lockdown. While non-grocery stores took the brunt of the pain, with sales volumes declining by a quarter, they were still over 50% higher than in the first lockdown last April.
As with last year, online made up the slack, with consumers turning to their phones and PCs to shop in record levels. Over 35% of retail sales were online in January, even higher than the previous peak of 34% in May 2020. And with less demand than the traditional Christmas peak, online penetration of grocery sales also reached a new peak of over 12%.
