UK Retail Slump Shows Signs of Softening: Survey

While UK retail sales fell in February, sales were close to the average for the time of year, signaling a recovery from January’s steep decline, according to the quarterly survey released by the Confederation of British Industry (CBI). 

The rate of decline for February was 7 percent, while the rate for January was 50 percent. The figures for February were closer to the seasonal norm than the figures for January, which were well below the average for the time of year. For the first time in eight months, online retail sales increased (by 4 percent in February). 

However, retailers are expecting sales in March, like January and February, to not meet the seasonal average. Online sales in March are expected to surge to 37 percent.