Scottish Retail Consortium (SRC) reports that Shop Price Index (SPI) for October showed a fall from September, after showing a slight fall in September and no change in August. In October, the index for Scotland fell by 0.17% to 97.68, the lowest it's been so far this year.
This fall came as retailers started their mid-season sales, most notably in clothing and footwear, which outweighed any increase in the price of food.
Fiona Moriarty, Director, SRC comments: “October is now the sixth time so far this year that shop prices in Scotland have shown a month-on-month fall and is the fourth consecutive month that retailers in Scotland have outperformed those in the rest of the UK on price. With consumer confidence remaining weak, retailers are having to increase promotional activity to stimulate sales growth.”
“With the crucial Christmas trading period fast approaching, this looks set to continue. The already fragile consumer sentiment around Christmas spending will be further dented by any rise in interest rates, which, with no inflationary pressures coming from the high street, is not necessary from a retailer's view point”
Mike Watkins, Senior Manager, Retailer Services, ACNielsen comments: “Unseasonable Autumn weather is adding to the ongoing uncertain retail trading conditions, so Scottish retailers are continuing to take an extremely competitive approach to pricing. With the exception of the early summer, this has been a consistent trend this year, and looks set to continue into the run up to Christmas“.
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