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Europe: Retail Sales Remain Weak

According to the latest retail study published by Jones Lang Lasalle general retail sales trends in Europe continue being weak due to increasing unemployment and fiscal austerity. Retail sales in Europe only rose by 1.2% in May but this was the largest rise in the last year illustrating the continuing weakness of sales. Even though the main reasons in the report for retail weakness are unemployment levels and austerity, these reasons cannot be applied across the board to all countries. Countries such as Germany and the UK both have positive forecasts The other extreme can be seen in countries such as Italy and Spain where retail performance has only been stable sine August. In the case of Spain retail sales to tourists have helped to keep sales fairly steady. For example, in Madrid, Valencia, the Balearic Islands and Andalucia, sales were up by 30%, 20%,13% and 13% repectively. source from China-leather.com

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