February saw retail sales decline for the fifth month in a row, as indicated by the CBI's quarterly Distributive Trades Survey. Retailers anticipate even poorer sales in March, expecting a notable drop in business sentiment that reflects in cutbacks on headcount and capital expenditure. Investment intentions have worsened, marking the steepest decline since May 2019. Overall, sentiment amongst retailers remains bleak with further reductions in both employment and distribution sales volumes anticipated in the coming months.
March is expected to bring further decline in retail sales, with firms facing the prospect of deteriorating business conditions and decreasing investment intentions.
The sentiment amongst retailers has remained negative for consecutive months, with expectations for headcount and capital investment significantly decreasing.
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