6th Consecutive Year-On-Year Decline
The pressure is widespread across most of the major retail categories, except for Clothing and Footwear Retail (+10.3% real year-on-year growth) interestingly. Even the less cyclical “General Dealers” saw a decline of -3.7%, impacted not only by rising interest rates and a weakening economy pressuring consumer disposable income, but also by a recent food price …