RETAIL sales volumes rose by an estimated 1.3% in November, following no growth in October (revised from -0.3%).
The month saw rises in both Food (0.8%) and non-food (2.3%) store sales. Non-store sales rose by 0.2%. Retail sales had been expected to rise 0.4% (Trading Economics).
Nicholas Hyett, Investment Manager at Wealth Club, commented:
“Discounting on Black Friday and, in many cases, throughout November fuelled a golden month for retailers, with retail sales performing considerably better than expected.
Significant promotions that will inevitably put weight on margins, but a particularly strong result from store based retailers will be a relief for the struggling higher street nonetheless. Even department stores, long the sick man of the British high street, did well, with volumes up 2.3%.
Looking ahead the big question is whether heavy discounting in November has simply pulled forward Christmas shopping – leaving a rather dreary December ahead.”
