Retailers in Britaqin reported a slow build-up to Christmas as sales growth in November dropped below expectations, but stores are confident business will pick up in December, the Confederation of British Industry says.
The CBI's latest monthly survey showed 41 per cent of firms reported sales were up in November while 22 per cent said they were down. The balance of +19 per cent compared with +35 per cent in October when sales growth was at an 18-month high, and fell well below expectations of +37.
"Retail sales grew at a reasonably healthy rate in November, but clearly disappointed expectations," said Mr Ian McCafferty, CBI chief economic adviser.
Retailers have shown they are confident of a good Christmas period by continuing to order more goods from suppliers. The percentage of firms giving a positive answer to this question gives a balance of +18 per cent -- the highest since May 2002.