Bivonas comment on a summer of poor retail sales being helped by the Queens Jubilee celebrations
London, UK -- (SBWIRE) -- 11/06/2012 -- Many retailers have now revealed that it was the high sales of party food and Diamond Jubilee-themed clothing in June of this year that helped them to stay afloat financially the following month. Both Bivonas and the British Retail Consortium reported that sales had risen by over 1.4 percent in the space of five weeks, primarily due to consumers in the UK spending much more money on groceries that they typically would, during their celebrations of the Queen’s sixty year reign.
However, despite a rise in sales figures, June was still not quite as lucrative for retailers as it was expected to be, as a result of the weather. It was the wettest June the country has experienced in years, Bivonas said, and this meant that shoppers stayed indoors more than they usually would at this point in the summer, and chose to refrain from the normal hot weather purchases of barbeque and gardening products.
Since the beginning of 2012, like for like sales have risen by just 0.8 percent, even with inflation, which Bivonas experts say highlights the detrimental effect that income reduction has had on the retail sector. Stephen Robertson, the BRC’s managing director called the Jubilee-related hike in sales figures a ‘bunting boost’, adding that the wet weather in June could have potentially spelled disaster for many retailers, had the Diamond Jubilee not been held at the time. This, Bivonas remarks, is further evidence of just how importance national celebrations of this kind are in times of economic hardship.
The Jubilee weekend celebrations caused an increase in the sale of food and drink items such as alcohol, crisps and dips, whilst the hot weather of May resulted in higher sales of shorts, dresses and sandals. However, the high sales figures did not last long and from the start of July onwards, retailers found that sales of woman’s clothing dropped significantly, as consumers seemed to be trying to cut down on unnecessary purchases.
However, it’s not all doom and gloom in the retail sector, Bivonas adds – sales in department stores have gone up, particularly those relating to electrical goods and children’s clothing. The football matches also had a positive effect on sales, with higher numbers of televisions, laptops and e-book readers being sold.
Bivonas is a city based firm of solicitors and trial lawyers specialising in commercial litigation, white collar crime, civil fraud and regulatory proceedings.