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High street flat in March

31.03.08 Graeme Neill

The British high street experienced flat year-on-year sales in March, according to the latest Confederation of British Industry survey. Thirty six per cent of retailers told the CBI's Distributive Trades Survey that sales in the first half of March were higher than a year ago, while 35% reported a lower turnover.

The balance of +1 was better than retailers expected, following February's balance of -3, which was the first negative balance since November 2006. The three month average balance of +1 has been declining since it peaked at +36 in May 2007.

Ian McCafferty, CBI chief economic adviser, said: "This month's survey has borne out retailers' expectations that the strong growth enjoyed in 2007 has come to an end. The picture now is of subdued activity as consumers tighten their belts amid the general cooling of activity we are seeing across the whole economy."

Despite the uninspiring March figures, retailers are more upbeat for April with a balance of +10 predicting year-on-year growth.

The Distributive Trades Survey covers 20,000 outlets of firms, including booksellers, and is responsible for 40% of employment in retailing.

Retail bookshop Graeme Neill

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