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Grant Thornton finds it brighter on High St
6 Apr 2009High Street trading conditions may have turned the corner, a leading consultant claimed today.
Retailers enjoyed a better-than-expected first quarter with a rise in the number reporting increased sales, and fewer profit warnings.
David Bush, head of Grant Thornton's retail team, said: "The retail market is showing some signs of resilience in this tough economic climate. These results are the first indication that perhaps the decline in consumer confidence over the last 18 months has reached a turning point."
Grant Thornton analysed trading statements over the last three months and found slightly fewer negative ones than in the final quarter of 2008. It also said four out of five food and drink retailers, including Tesco, Sainsbury's, Morrisons and Greggs, reported higher sales.
"The better retailers are still standing," said Bush. "They have picked up market share from the weaker competition, many of whom have gone into administration."
