Skip to main content

Shop prices fall in September but no-deal Brexit may impact retail, BRC says

// Shop prices dropped in September as retailers cut prices to encourage spending
// Shop prices fell 1.6% in September compared to August

Shop prices have continued to drop in September as retailers cut prices in order to encourage further spending, but a no-deal Brexit may come at a cost.

Shop prices fell 1.6 per cent in September compared to August, according to the latest BRC Nielsen Shop Price Index.

This is below the 12 month average price decrease of 1.1 per cent, but above the six month average price decrease of 1.7 per cent, respectively.

READ MORE: Shop prices fall for 15th month but Brexit uncertainty could lead to inflation

Non-food prices dropped 3.2 per cent in September compared to a decline of 3.4 per cent in August. This is below the 12 month average price decline of 2.6 per cent, but above the six month average price decline of 3.5 per cent.

Food inflation eased to 1.2 per cent in September, down from 1.3 per cent in August. This is below the 12 and six month average price increases of 1.4 per cent and 1.4 per cent, respectively.

Fresh Food inflation held at 0.2 per cent in September. This is below the 12 and six month average price increases of 0.6 per cent and 0.5 per cent, respectively – the lowest rate of increase since February 2017.

“Consumers can celebrate yet another month of falling shop prices, particularly in the non-food ranges such as clothing and footwear,” BRC chief executive Helen Dickinson said.

“Retailers are cutting prices in order to encourage further spending where sales are yet to pick up.”

However, she warned that a looming no-deal Brexit may come at a cost to the industry.

“Many non-food retailers will face large tariff bills, and as a result, the total cost to the industry and its customers would be much higher.

“The government must prioritise a tariff-free deal, otherwise hard-pressed consumers will bear the brunt of price increases.”

Nielsen head of retail and business insight, Mike Watkins said: “The recessionary impact of the pandemic on retailing will become more visible during the golden quarter and retailers are already adapting their business models.

“Non-food retailers had the additional challenge of selling through seasonal stock, disrupted by unpredictable weather.

“Looking ahead we can expect shop price inflation to remain at current low levels for the next quarter.”

Click here to sign up to Retail Gazette’s free daily email newsletter

The post Shop prices fall in September but no-deal Brexit may impact retail, BRC says appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/30g8qcw
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more