Worst slump in history decimates retailing

Original article by Patrick Commins
The Australian – Page: 4 : 5-Jun-20

Data from the Australian Bureau of Statistics shows that retail turnover fell by an unprecedented 17.7 per cent in seasonally adjusted terms during April. Clothing and footwear sales fell by 50 per cent as coronavirus lockdown restrictions took effect, while turnover at cafes and restaurants was down 35 per cent. Food retailers’ sales fell by 17 per cent after being boosted by panic buying in March. Australian Retailers Association CEO Paul Zahra says the worst may not be over for retailers, given that the economy is officially in recession and the unemployment rate is set to rise in coming months.


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