The wettest June on record and dampening of sales is behind Canary Wharf retailers slashing prices, according to experts.
Last month UK retail sales decreased by 0.5% on a like-for-like basis from June 2015, when they had increased 1.8% from the preceding year, according to a report by the British Retail Consortium and KPMG.
Although too early to assess the impact of Brexit, experts said the weather was having a knock-on effect as people stayed wrapped up in their warmer clothes rather than replenishing their summer wardrobes.
Head of retail at KPMG David McCorquodale said: “As consumer attention shifted indoors to escape autumnal downpours, furniture and home accessories bounced back in the month, with bigger ticket items proving relatively resilient in the days immediately following the EU referendum.
“With May sunshine a distant memory, however, summer wardrobes remained bare as sales of women’s fashion and footwear plummeted following one of the wettest and dullest starts to a UK summer since records began.”
Maureen Hinton, group research director from consultancy firm Conlumino told the Sunday Times: “There has been a lot of discounting because of the bad weather. Retailers have not been selling very well.”
A consumer spending report released by Visa on Monday, July 11 revealed the June slump had created the weakest quarterly growth in two years with an average growth of only 1.4%.
It showed spending at clothing and footwear retailers had only risen by 0.1% and expenditure at hotels, bars and restaurants rose at its weakest rate since the start of 2013.
Bargain hunters in Canary Wharf can choose from rails of discounted clothing in Hobbs , where a £199 nude lace dress has been reduced to £59, a £169 floral jacket to £49 and £149 heels to £64.
A spokesman for Canary Wharf Group said “There is such a diverse range of shops at Canary Wharf that you’ll be able to pick up some great seasonal buys.”
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