UK retail sales fell 2.7% in the 4 weeks to May 25 as compared with the previous month, as the BRC-KPMG Retail Sales Monitor reports. This represents the biggest drop since January 1995. What about your business in the UK? Are you using reliable and low-cost merchant services so to grow your business smoothly? Who can help you with the cheapest merchant account UK? If interested, you’re at the right place.
Record Fall in UK Retail Sales Since 1995
UK retail sales dropped by 3% in May as compared with May 2018. This was a faster fall than at any time in the last 24 years. Namely:
- Lifestyle shops were among those to experience the worst hit: their in-store sales fell by 2.4% from 3.8% in May 2018.
- Fashion in-store sales fell by 4.2% from a marginal base of positive 0.4% for May 2018
- Jaguar Land Rover Ltd’s (Tata Motors Ltd’s UK subsidiary) sales fell by 12.2%, thus making May the 12th consecutive month of dropping sales for the luxury carmaker
- Food sales declined for the 1st since June 2016
According to the British Retail Consortium, political and economic uncertainties have played a crucial role in the drop of the retail sales.
The drop is the 4th month in a row of poor results, as BDO’s High Street Sales Tracker (HSST) shows. BDO is a national accountancy and business-advisory company. Sophie Michael, head of retail at BDO, notes that both retailers and shoppers alike should have a clear roadmap providing them with confidence for the future.
How to Grow: Cheapest Merchant Account UK
The UK high street sales during May 2019 experienced a record fall in 24 years caused by political and economic uncertainty, as the recent data from the British Retail Consortium shows. According to the consortium, the sales decline came against a 4.1% rise in May 2018.
By the way, the pressure from online retailers, specifically Amazon, is on the rise both in the UK and in other parts of the world. What are your thoughts concerning your own business in the UK? One thing is for sure: you can’t grow if you’re not using the right merchant services such as the cheapest merchant account UK for your company.
To find them, you just need to work with a reputable merchant-services comparison company in the UK that can help you with the right payment specialist in your industry. With a respectable payments-services comparison company that’s focused on terms, complaints, and integration, you can find a credit-card processor that’ll be the best fit for your own financial needs.
Make sure the comparison company reviews contracts, rates, and fees so you get the best deal and avoid hidden costs, as well as deceptive sales tactics. Besides, see whether the payment expert guarantees the most honest snapshot of companies at the time of writing or not.
To sum up, the UK’s high streets witnessed their slowest sales in May 2019 since 1995. To ensure smooth and successful growth for your own company in the UK, work with a true payment-processor comparison company in the country.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, including the cheapest merchant account UK, has helped thousands of business owners save money and time.