As the UK retail industry braces itself for a second lockdown, non-essential retailers are expected to see a decline in sales of £6.8 billion over the four-week period in the United Kingdom, according to new research from Retail Economics. The closure of non-essential shops will hit-hard but boost online sales by an estimated £2.9 billion compared to the previous year.
The swing in sales will not land evenly across the sector and is likely to benefit established pure online retailers and those with strong multi-channel propositions, the company said in a press release. Independent high street retailers will be the hardest hit.As the UK retail industry braces itself for a second lockdown, non-essential retailers are expected to see a decline in sales of £6.8 billion over the four-week period in England, according to new research from Retail Economics. The closure of non-essential shops will hit-hard but boost online sales by an estimated £2.9 billion compared to the previous year.#
Cancelled parties and limited social interaction will undermine demand for new outfits during the crucial golden quarter, decimating sales across the apparel sector.
The decline in the value of retail sales has been modelled based on behaviour during the first lockdown, seasonal demand patterns, Retail Economics’ proprietary data and Office of National Statistics retail sales data.
Fibre2Fashion News Desk (DS)
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