retail

Economics of the Pound shop

Economics of the Pound shop

When I was young (let say the 1980s) a Pound shop was a bit of a novelty. Visiting Morecambe, a seaside resort, there would be one or two Pound shops. I only remember being struck how low quality everything was, they were a bit tacky, mainly some useless novelty items and a stick of Blackpool Rock. No self-respecting middle class consumer would consider doing the bulk of their weekly shop at a Pound shop. But, in recent years, Pound shops have…

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Why Are UK Retail Sales Increasing?

Readers Question: explain why two sectors of the UK economy are growing faster than other sectors ? According to the Office of National Statistics for March 2008 Retail Sales Volume Seasonally Adjusted (2000=100) increased to 140.3 an annual growth rate of 4.7% Manufacturing grew at only 0.9% Services grew at 3.2% latest statistics at ONS I have to admit I was a little surprised to see retail sales increase at 4.7%. Anyway it seems that retail sales and the service sector are still doing much better than manufacturing and production. These are some potential…