Bleak Outlook

The British Retail Consortium and KPMG have worked together for several years to produce a monthly Retail Sales Monitor for the UK. The latest edition, published earlier today, carries the title: 'Worst December in Survey's History'.

Helen Dickinson, Head of Retail at KPMG, said: "December's performance has historically set the scene for the year ahead, so the outlook is indeed bleak. In a business where cash is even more important than ever, due to the impact of the credit crunch, retailers did all they could in December to keep the money coming in, raising discounts across the month to unprecedented levels. That this was the worst December sales performance since the survey began 14 years ago is testament to the severity of the shift in mentality of the consumer."