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Retail sales show modest growth

The high street has bounced back from a painful month for consumer spending but the market remains fragile. Retailers look to e-commerce to solve crisis with 19% investment increase

Retail sales figures issued today by the Office for National Statistics show a better than expected sales volume rise of 0.7% month-on-month. However, experts have raised concerns about the sustainability of this growth, as a number of factors, including the end of the early summer sales, could pose a threat from next month.

The number of high street casualties continues to rise as more household names fall victim to the tough retail environment. Recent reports have shown profit warnings issued by British retailers are at alarming levels. The 26 reports issued in the first half of 2011 already eclipse the numbers seen during the whole of 2010.

The gloomy picture on the high street is a stark contrast to e-commerce, where online sales for the first six months of the year totalled £31.5bn, 19% more than the same period last year (IMRG). The major retailers have increased investment in e-commerce and m-commerce by 23% this year (Martec International) with a number of innovations such as online social shopping coming to the fore.

Kevin Flood, CEO of social shopping site Shopow, said, “While many stores are still struggling to grow in what is a difficult sector, there is a widely held appreciation of the value of online retail and so we’re seeing innovation in areas such as social shopping with sites like Shopow.

“The success of the early summer sales shows that everyone is looking for a bargain and people are increasingly looking online for the best deals. Shopow is a tool that has helped shoppers share deals and reviews with friends, making shopping a more interactive experience.”

ENDS

Editors’ Notes

Shopow is a new revolutionary site that has launched at www.shopow.com. It is the first social shopping search engine in the UK and is powered by the impartial reviews and experiences of users; allowing them to make an informed choice about their purchases. The visibility for businesses of all sizes gives shoppers access to a greater range of retailers and products than ever before.

Shopow was conceived in October 2009 as the brainchild of Kevin Flood and Mike Harty – two budding entrepreneurs fresh out of university. Both graduated from the University of Leeds with degrees in BA Management and quickly began to use their skills to pursue success in the real world of business.

For more information, images or to book media interviews, contact Flame PR on +44 (0) 203 357 9740 or email shopow@flamepr.com

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Retail sales show modest growth