The revised forecasts are predicated on the pandemic peaking in April
Most UK stores to be closed until May 2020: forecast. Source: shutterstock.com
According to GlobalData, the impact of coronavirus is expected to wipe ￡12.6 billion from retail sales this year.
The report revealed that most stores will be either closed or severely affected from April until late May. At the same time, the non-food spend is expected to start its recovery in June, but with more normal spending patterns not arriving until October.
The data found that the UK food and grocery market is expected to grow at 7.1% with ￡6.8 billion in 2020. This growth stems from a significant increase in volume sales, as shoppers buy more than they need at supermarkets.
Spend on clothing and footwear is forecast to decline by ￡11.1 billion in 2020, GlobalData stated. That represents a fifth loss of its market value and is equivalent to the cumulative clothing sales of the 3 market leaders Primark, Marks & Spencer and Next. Due to the fact the public avoids social interactions, clothing and footwear will be the retail sector worst hit by the coronavirus in 2020.
What is more, the retailers will be forced to cancel, postpone or redesign orders to avoid significant levels of terminal stock loss in June and July.
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