The strong retail growth seen throughout 2002 is now at an end, warned the CBI today.
Findings from its latest Quarterly Distributive Trades survey reveal that retail sales barely grew at all in the year to February, and the three month rolling average shows the underlying trend for retail sales growth was the lowest since March 1999.
Retailers are reported to be less optimistic about the forthcoming six months than at any time since November 2000.
Alistair Eperon, chairman of the CBI's distributive trades panel surmised: 'This survey suggests that the modest revival in January was a blip. The strong sales growth of 2002 has disappeared and the underlying trend is now for little, if any year-on-year growth.' Wholesalers however, should expect a modest improvement in the overall business situation over the next six months. The report revealed that sales volumes for wholesalers had risen over the year. But recording the biggest year-on-year declines were specialist food retailers and off-licences.
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