SCOTLAND achieved slightly faster growth in retail sales than Great Britain as a whole in the third quarter, the latest official figures have shown.
Figures published yesterday by the Scottish Government show that retail sales volumes north of the Border rose by one per cent quarter-on-quarter during the three months to September. This was ahead of a corresponding 0.9 per cent rise in retail sales volumes in Great Britain as a whole.
Scottish retail sales volumes have now grown in four consecutive quarters.
In terms of value rather than volume, reflecting price deflation, Scottish retail sales grew by only 0.3 per cent during the three months to September. This was nevertheless ahead of corresponding growth of 0.2 per cent in retail sales value in Great Britain as a whole.
Scottish retail sales value has now risen in two consecutive quarters. The Scottish Retail Consortium welcomed this news, although it also highlighted the tough trading environment for players in the sector.
Sales value at large retail businesses in Scotland, defined as those with at least 250 employees, grew by 0.6 per cent quarter-on-quarter during the three months to September. These retailers account for about 70 per cent of industry sales.
Small and medium-sized stores in Scotland, which account for the remaining 30 per cent of sales, saw an increase in sales value of 0.1 per cent during the third quarter.
Comparing the third quarter with the same period of 2014, year-on-year growth in both retail sales volume and value is faster in Great Britain as a whole than in Scotland.
Retail sales volumes in Scotland were up by four per cent year-on-year in the third quarter, trailing a five per cent rise in Great Britain as a whole.
The value of Scottish retail sales in the third quarter was up by 1.2 per cent on the same period of 2014. In Great Britain as a whole, retail sales value was up by 1.6 per cent year-on-year in the three months to September.
SRC director David Lonsdale said: “These figures point to a second successive quarterly growth in retail sales [value], which is encouraging. However, when one factors in shop prices, which have fallen in each of the past 30 months, it shows that retailers are having to work ever harder to maintain let alone grow sales values.”
He highlighted his belief that consumers would be able to benefit from “some great deals” in the key trading period ahead of Christmas, given shop-price deflation.
Mr Lonsdale said: “The prospects for retailers are ultimately determined by the state of the economy, and their own ability to adapt and seize on the opportunities that arise. With the clock ticking down towards big upcoming announcements on the UK and devolved budgets in a few weeks’ time, retailers’ will be looking for convincing action from the Chancellor and Scotland’s Finance Secretary to improve consumer confidence, as well as steadfast resistance to stem the relentless rise in government-inspired cost pressures which have been witnessed of late or are under consideration.”
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