UK retailers see number of shops drop for first time in years
News for the U.K. retail sector continues to look bleak. A new report indicates companies' retail point-of-sale systems are seeing reducing use, as shop numbers fall.
The British Retail Consortium-Bond Pearce Retail Employment Monitor, which began in 2008, reported the first fall in the number of shops since October 2008. According to the report, the number of retail outlets fell by 0.5 percent year-over-year.
Additionally, the drop in the number of high street shops coinciding with the shrinking of the U.K. economy by 0.7 percent, a figure that belies its magnitudes and extends the country's douple-dip recession.
Even the nation's landmark celebrations, such as the Olympics and the Queen's Diamond Jubilee, have provided limited help. "Big events like the Jubilee celebrations provided a limited boost to employment levels but underlying weakness in the economy and consumer confidence continue to hit sales and job numbers in non-food retailing," said BRC director general Stephen Robertson.
Still, British retailers are hopeful that the Olympics will boost shops as well as leisure and hospitality sectors.
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