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'Wretched' month for retail but hope may be on horizon
Page 49
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SEPTEMBER WAS a 'wretched month' for retail markets, according to retail traffic index figures from Synovate Retail Performance. They showed the number of nonfood shopping trips in the UK fell by 3.1% in October compared to the same month in 2007 and by L.3% against September 2008. The fall was worse than projected, despite mid-season sales, while demand in London and the South-East fell by 3.0%.
That said, Synovate hopes that retail demand will pick up, inspired by low interest rates, falling prices and the lure of bargains over the perceived insecurity of savings accounts.
The Retail Think Tank (RTT), a non-partisan group that monitors retail health, says the market has declined every quarter for the past seven. "Looking forward to quarter four.., the outlook looked less favourable, [incurring the] most pessimistic set of retail health predictions yet," it. says.
Hauliers carrying non-food items may see the contraction first or most clearly — although the food sector is also vulnerable, according to the RTT.