Retailers upbeat as economy recovers: Zara owner Inditex, B&M and WH Smith report rising sales By Emily Hawkins Updated: 22:00 BST, 5 June 2024 e-mail View comments Three major retailers struck an upbeat tone yesterday as the economic recovery continues. Zara-owner Inditex, discounter B&M and WH Smith said that they were optimistic about the months ahead as they posted rising sales. It comes amid hopes of interest rate cuts this summer, which would bring relief to homeowners and businesses alike.
‘These retailers are proof that the economy doesn’t need to be soaring ahead to come out on top,’ said AJ Bell analyst Dan Coatsworth. ‘B&M, WH Smith and Inditex are good representations as they target different parts of the market. Their achievements show the industry isn’t simply doing well in one or a handful of areas, success is more broad-based.
’ Upbeat: Inditex, which owns fashion chain Zara - modelled by Nyawurh Chuol (pictured), said sales were up 12% for the period between May 1 and June 3 The updates came as the British Chambers of Commerce raised its forecasts for economic growth in a boost for Rishi Sunak. The business lobby group said Britain is on course for growth of 0.4 per cent in the second quarter of the year following expansion of 0.
6 per cent in the first quarter. And it raised its forecast for the whole of 2024 from 0.5 per cent to 0.
8 per cent as the UK recovers from the mild recession of late 2023. Vicky Pryce, chairman of its economic advisory cou.
