Sales slide as retailers hit by bad weather

    The snow pushed footfall at retail centres across the UK down by almost a quarter the weekend before Christmas.   According to retail research group Synovate, the UK retail sector was hard hit by adverse weather particularly on Saturday, which was intended to be one of the busiest shopping days of the year.   The heavy snow in many parts of the country however prevented many from reaching the High Street or shopping centres.   Retailers’ shares have also been hit by the effects as the bad weather. Argos-owner Home Retail Group’s shares 2.4% , and shares slipped in Next, Marks and Spencer and Tesco.   Global Insight chief economist Howard Archer said: “The return of the snow and ice is a particularly serious body blow for retailers who would have been desperately hoping that the latest snow blast would not arrive until after the last Saturday before Christmas, especially as shopping was also disrupted in the first Saturday in December.”   “The hit to retailers is compounded in that many are hoping for their sales to be lifted in the final days of 2010 by consumers looking to make purchases – particularly of big ticket items – ahead of January’s VAT rise from 17.5% to 20.0%.”   helen.roxburgh@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.