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UK: Retail sales likely to post a strong reading for October – Nomura

In view of analysts at Nomura, UK’s anecdotal and survey evidence suggests retail sales growth has slowed in recent months.

Key Quotes

“The CBI distributive trades survey softened in October, while the BRC measure of sales growth was also weaker than earlier in the year.”

“Many high street stores seem to be struggling, although it is difficult to tell how much of this is cyclical versus structural (i.e., the rise of online shopping). However, September’s fall in the official volume series may limit how weak the October print ends up being and, as such, we forecast a flat reading for the month.”