LONDON - Retail sales in the UK took a 18.3% dip in May 2020 due to lockdown measures imposed during the coronavirus (COVID-19) pandemic, according to a survey by public accounting firm BDO.
However, the survey also recorded 129.5% growth in online sales during the lockdown—the largest increase since BDO began measuring online sales in 2010.
“Despite the significant pick-up in e-commerce, the monumental collapse in discretionary spend remains stark as retailers continue to face challenging headwinds,” BDO Head of Retail and Wholesale Sophie Michael as quoted by Reuters, Friday (5/6).
“As shops look to reopen on June 15, they will face disrupted supply chains, mounting out of season stock and reduced footfall, as well as staffing uncertainty.”
The British government started imposing lockdown on March 23, though a number of sectors including outdoor markets and car showrooms were allowed to reopen from June 1 while non-essential services will be allowed to operate from June 15. (MS)