Retail round up – The Monday papers.
Financials services companies upbeat about economic recovery, House prices ‘will rise by next year’,Recession ‘worse than thought’, Deck chairs make a comeback amid recession, Mixed results in the high street as ASOS takes checkout crown…
The Telegraph
Confidence is returning to Britain’s battered financial services industry. According to research from the CBI, business volumes are expected to increase in the next three months – “the first positive expectations for two years”, the CBI said.The upbeat outlook on business levels was accompanied by a recovery in optimism. A majority of those surveyed were more positive than they were three months ago – the first recovery in sentiment since June 2007. Full article.
Confidence in the housing market is continuing to recover, with the majority of people believing that prices will rise over the next year. A survey by propertyfinder.com found that 53pc of the 2,500 respondents thought house prices would increase by June 2010 – although only by 0.6pc.Despite mortgage approvals being a third higher than at the start of the year, 57pc of those surveyed felt that mortgages were too expensive. Full article.
The British economy shrank by more than 2pc in the first quarter, a bigger contraction than originally estimated, official figures are expected to show on Tuesday. The Office for National Statistics (ONS) data are likely to paint an even gloomier picture of the economy in the first three months of the year than first thought because of a downward revision of construction sector output.Earlier estimates from the ONS had suggested that gross domestic product (GDP) fell by 1.9pc in the first quarter, but since then the latest construction sector data showed output over the period fell by 9pc, much more sharply than a previous calculated fall of 2.4pc. The ONS has suggested that, in terms of overall GDP, this revision could translate to a reduction of 0.3 percentage points. Full article.
The deck chair is enjoying a renaissance due to the rising number of people spending their holidays at home during the recession, retailers claim. Sales of the canvas and wood chairs, synonymous with British seaside resorts, have increased by 50 per cent this year compared with 2008, the DIY retailer B&Q reports. The company said that the revival in the chairs’ popularity is down to more Britons spending money on their gardens after deciding not to holiday abroad.The trend comes as the latest air traffic figures showed that fewer people are booking flights from Britain. Full article.
The Independent
The extent of the recovery in Britain’s retail arena is likely to become apparent this week when a raft of high street names including Marks & Spencer, HMV, Game Group and CarpetRight, as well as the online retailer Asos deliver numbers to the market.Marks & Spencer’s embattled executive chairman, Sir Stuart Rose, is expected to unveil disappointing first quarter sales figures ahead of next week’s crucial annual meeting.Full article
