London records strong retail sales in June

Mon 21 Jul 2008
LONDON (Thomson Financial) - London saw an encouraging level of retail sales in June with takings hitting their highest level since February, the London Retail Consortium (LRC) said.

Retail sales in central London were 8.7 percent higher than a year earlier, on a like-for-like basis, which excludes changes in floor space. That was slightly weaker than the 11.0 percent recorded in June 2007, but well up on the 0.4 percent decline in the UK as whole.

'Retail footfall was only slightly weaker than in May and remained above its year-earlier level, helped by clearance sales and high petrol prices which discouraged out-of-town shopping trips,' LRC said.

Food sales held up well while clothing and footwear benefited from clearance and discounting. Things were tougher for homewares, especially big-ticket items such as furniture as the weakening housing market dented household budgets.

Source: http://uk.biz.yahoo.com/02072008/325/soaring-prices-push
-economies-tipping-point.html