Commenting on today’s ONS Retail Sales figures, Paul Smith, Corporate Development Director, Barclays Corporate Banking, said:

“It’s reassuring to see retail sales holding up in September. The public enjoyed the Indian summer, but it wasn’t so popular with fashion retailers who were trying to push their Autumn and Winter lines, although those with a good web business may have benefitted from overseas traffic due to the weaker pound.  Despite this, other parts of the industry performed well, with department stores posting good numbers and online sales going from strength to strength. The overall 5.4% growth in the quarter is an excellent result and should be celebrated.

“Retailers are now looking to further exploit the export and tourist opportunities presented by the fall in the value of sterling. We’re already seeing some success stories in this area, with the luxury sector in particular benefitting from attracting foreign shoppers in-store and online. Challenges persist, but the industry has shown its strength in recent months and will hope to carry this momentum into the Christmas season.”