John Lewis sales boost shows confidence is back
Bellwether retailer John Lewis provided fresh signs of confidence seeping back into the high street by reporting a 17.1 per cent rise in sales last week compared to last year.
And the group said that the past week’s trading is also £500,000 up on 2007, pre-credit crunch, when shoppers spent £71.98 on average each.
John Lewis reported a substantial lift in sales of beds and other so-called “big ticket” items which have previously suffered a slowdown as consumers cut back pricey purchases during the downturn.
Director of operational development Andrew Murphy said that the sales figures showed that consumers had a bit more confidence and were determined to enjoy Christmas.
Murphy told City PM that he did not expect to see the same level of wide-spread discounting as last year before on the high-street, as shops were more cautious about stock levels and confidence had improved.