Wet weather impact on UK retail sales and Tesco considers upmarket convenience stores - we take a look at recent retail and business news and what it means for Post Office.
Damp weather impact on UK retail sales
UK retail sales overall across the UK fell 0.5% in May, with clothing purchases declining 4.5%, the Office for National Statistics said.
Meanwhile, online sales as a share of all retailing remained at a record 19.3% in May 2019, up by 8.2% from the same time last year.
“After Easter's heatwaves, a couple of drizzly bank holidays and a nation pre-occupied by politics, things were never going to bode well for May's retail sales,” said Lisa Hooker, consumer markets leader at PwC.
The ONS noted comments from retailers suggesting that consumers held off buying summer clothes because of poor weather in May. “Warmer weather also brought forward sales in March and April 2019, which increased levels of spending in these months,” it added.
Tesco’s Finest joining the high street
Tesco may launch new upmarket convenience stores as they look at ways to boost growth.
The UK’s biggest supermarket presented the “Tesco’s Finest” stores idea to investors, in a move to compete with Marks and Spencer’s Simply Food.
What does this mean for Post Office?
The wider UK retail industry faces challenges but online shopping continues to grow – this means more customers could be choosing collect and returns for their online shopping and we see this rise building in the coming years. There are more opportunities to help customers show how Post Office can help given our longer hours and convenience.
Meanwhile retailers like Tesco understand the need to continue to adapt, innovate and evolve models to win customers and stop them going from competitors. It’s something Post Office continues to look at to make sure we are in locations where there is untapped demand and we can continue win new customers in key markets.