Financial Market

The British shops and stores association, abbreviated to BSSA, have released a Q4 retail sales report for 2008 that has stated that sales for independent non-food retailers fell by 5.2%.

This 5.2% is compared to figures for Q3 2008, and mark the biggest quarterly fall in BSSA’s history, confirming the impact the financial downturn is having on the high street.

Within the report BSSA stat that furniture retailers and department store have been the worst hit, with clothing and gift stores also having recorded huge slumps in sales.

Bucking the trend the same report showed that retail in Scotland had actually grown 1.8%, compared to every region in England recording negative growth.

As just one example of the impact of furniture retailers, land of leather this week went into administration, after failing to secure new financing.

Accountancy firm Deloitte has been appointed as administrators to the UK chain, putting at risk the 850 jobs at its 109 stores across the UK and Ireland.

Land of leather had specialised in leather interiors, selling a range of other products including bedroom furniture, electricals and kitchen fittings.