By Max Clarke
The UK’s high streets enjoyed a modest growth during June, despite a 4.2% drop in food items.
The overall volume of retail trade grew by 0.7%, though the value edged up by just 0.3%. This evidences a lowering of prices, despite retail price inflation standing at 5%.
This, suggests Nationwide’s Head Economist, Mark Saddleton, may be the result of retailers offering deals and driving down prices in an attempt to lure customers at a time of low consumer confidence.
Approximately £32.1 billion was spent on retail goods during June 2011, up from £30.9 billion in the same month last year.
By far the largest growth sector was for non-store retailing- which includes m-commerce and online sales- surging ahead by a record 24.4%.
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