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Europe's retail markets hit by cold weather

01-15-2011 09:15 BJT

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As cold weather continues in Europe, the continent's retail markets are ALSO feeling the chill. Retailers are taking measures to cope with the bad weather and rising taxes. The story comes from Reuters.

The cold weather in Britain, may have kept some shoppers away from the high street during peak season.But UK retailer John Lewis saw sales rocket last week as shoppers snapped up furniture and electrical goods ahead of the rise in VAT. They saw sales leap up 38.7 percent year-on-year, with an increase in online sales of 42 percent.

Employee-owned John Lewis is being helped by its more affluent customer base who are coping better with rising taxes and government spending cuts. Britain's sales tax increased from 17.5 percent to 20 percent, it's just one of the UK government's austerity measures.

Across the Channel in France, Carrefour kept its 2010 profit goal and just beat sales forecasts for its fourth quarter, rising five percent to 27.12 billion euros.Europe's biggest retailer weathered the storm due to strong growth in its emerging markets, where its European outlets were hit by the bad weather and ongoing budget cuts.

The retailer plans to more than double profits by 2015 in a hypermarket revamp plan.

 

 

 

Editor:Zhang Pengfei |Source: CNTV.CN

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