24 September 2001, 13:20 UK retail trading picks up; some report return to pre-Sept 11 business - BRC
LONDON (AFX) - Retail trading in the UK has picked up markedly over
the last few days, and in some cases retailers are indicating that
business has returned to the levels seen before the terrorist attacks
on the US on Sept 11, according to the British Retail Consortium.
David Southwell, the organisation's media relations officer, said
anecdotal evidence suggests there was a marked decline in retail sales
until Tuesday last week, followed by a pick up over the last weekend.
The BRC, which represents 90 pct of the UK retailing and reports
its next monthly figures on Oct 8, said the immediate effects of the
terrorist attacks affected businesses differently.
Some are thought to be reporting sales declines of more than 30 pct
since Sept 11, while others reporting much lower falls.
Southwell wouldn't comment on specific percentage declines, and
said this month's figures would be difficult given that in the
equivalent period last year, the UK was brought to a virtual standstill
by the fuel crisis.
Those industries thought to have held onto sales include the
supermarkets. However, some leisure activities, like going to the
cinema, are said to have fared less well, and may be doing even worse
than the same period last year.
Southwell said the immediate effects of the attacks are likely to
be "temporary", and are usually worked out of the system within 14
days.
The long-term effects of the attacks and probable war are a
different matter, said Southwell.
Earlier, the US brokerage Goldman Sachs reduced its 2001 European
general retail sector earnings growth forecast to 6 pct from the
previous 11 pct, and European GDP growth estimates have been cut o just
1 pct from 2.7 pct over the next three quarters.
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