The Olympics has failed to produce a rise in sales for mid-tier retailers, despite a record haul of medals for the Great Britain team.
Findings from professional services firm BDO show that like-for-like August sales at mid-tier retailers in Britain has fallen by 0.5 per cent.
The firms’ August High Street Sales Tracker also reveals that fashion sales are down by 1.3 per cent year-on-year and points towards the weather as being either too wet or too hot to encourage shoppers to spend more money.
Further results from the survey of non-grocery retailers with annual sales of between £5 million and £500 million show that homeware sales are 8.7 per cent lower than they were at the same stage in 2011.
BDO also highlights ‘unpredictable promotions’ as an issue, with stores holding sales at different times, confusing consumers.
Non-fashion is the only positive mover which posted a rise of 3.1 per cent.
Don Williams, national head of retail and wholesale at BDO, says that the ‘Olympic effect’ has been barely noticeable on the high street so far, but this could change once Britain gets out of the ‘August doldrums’.
He adds, ‘As the afterglow kicks in, retailers may well see consumer confidence rise steadily and for this to feed through into high street sales.
‘People are still buying from trusted brands, even without discounts, so it is important retailers stick to their guns, especially when it comes to promotions, rather than trying to steak a march on rivals through hastily-planned sales.’