British retail sales fell by 2.7 percent year on year in May, representing the biggest drop since records began in 1995, the British Retail Consortium (BRC) revealed on Tuesday.
According to BRC, compared to May of 2018 when there were the World Cup and the Royal Wedding, May 2019 delivered political and economic uncertainty.
Paul Martin, KPMG’s UK head of retail, warned that the reading was unfavorable because “even the 3-month average — which softens the monthly volatility — demonstrates that achieving growth in retail remains a real struggle”.
Helen Dickinson, the chief executive of BRC, said: “With the biggest decline in retail sales on record, the risk of further job losses and store closures will only increase.”
He added: “With retail conditions the toughest they have been for a decade, politicians must act to support the successful reinvention of our high streets and local communities.”
Before the report of BRC, the British Purchasing Managers’ Index (PMI) of manufacturing and construction sectors both reported fell below the 50 benchmark, 49.4 and 48.6 respectively, which already raised concerns about weak economic growth.