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Retail sales plummet by fastest rate in a year

Published: 31 May 2013
Retail suffered its worst decline in more than a year during the first half of May, according to the latest Distributive Trades Survey from the CBI.
The survey, which polled 69 retailers, showed the steeped fall in sales since January 2012, a persistently weakening result for the UK high street during 2013. Overall sales volumes remained below average for the time of year, and orders fell faster than at any point since November 2011.

Retailers are still optimistic, however, with most expecting sales to rise modestly during June, and for business in general to improve over the next quarter. Despite this, firms are planning to scale back investment for the coming year, with investment intentions shown to be at their weakest since the start of last year.

Chair of the CBI survey and Asda chief merchandising office for food Barry Williams said: "Retail sales growth has weakened since the start of the year as households continue to feel the pinch, with wages failing to keep pace with the cost of living.
"There is positivity from retailers this month, however, with

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