'Retail decline stable' – CBI

28 September, 2011

The volume of retail sales in September is lower than a year ago, but the pace of decline has stabilised says business organisation the CBI.

Its latest distributive trades survey found 24% of retailers reporting a rise in volumes, while 39% said sales had fallen.

The balance of -15% is the lowest since May 2010 but only slightly down on August.

The three-month average – which irons out seasonal volatility – was -11%, the fastest rate of decline since August 2009.

Judith McKenna, chief operating officer at Asda and chair of the CBI distributive trades panel, said: "High street sales are sluggish but appear to be stabilising.

"Shoppers are still clamping down on discretionary spending and focused on buying the basics at the best price."

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