UK high street set to suffer from cold weather
The 0.4% GDP growth forecast for the first three months of 2018 could reduce by as much as 0.2%, economists have warned, as the UK economy takes a “significant hit” as a result of the recent icy weather.
Retail is one of the sectors expected to be hit hardest, with one analyst saying the big freeze could be a “disaster” for the high street as many people decide to stay in and shop online instead.
“Anything that takes footfall away from shops reduces spend, and pushes spend towards the internet,” Retail Remedy’s Phil Dorrell said.
“In the short term, it’s very much a disaster. If you go down to the nearest road you will see that traffic is significantly less than it was previously, so most parts of retail will be hurting at this point.”