Monthly UK Retail Sales Review: April 2026

Research evidence excerpt

Monthly UK Retail Sales Review: April 2026

UK | General Retailers EquityMayResearch24, 2026

In our Monthly UK Retail Sales Review we summarise the full array of

industry-level sales data, and pick out some of the more interesting trends.

Specifically, we review March 2026 sales data from the ONS, Barclaycard,

BRC, and BDO, and contextualise the sector backdrop with relevant macro

charts, a valuation overview, and recent share price performances across

our coverage.

Barclaycard and BRC data suggest a material softening in April. April, in our view, marked the

first tangible signs in the industry data of a slowing in UK consumer demand across the retail

sector - Barclaycard non-essential spending (-0.3%) moved into negative territory for the first

time since July 2024, and the BRC data (-3.4%) saw a sharp reversal from March (+3.1%). While

there may have been some limited impact from the early Easter, it seems the industry-level

data, which had remained surprisingly buoyant, is now showing that the UK consumer is being

impacted by the flow-through effects (higher costs, confidence) of global political events.

ONS still positive, but more muted. The ONS data, still arguably the most reliable industry-

level source, has remained more positive than others. However, even this saw a softening in

April to +2.6%, below March (+4.3%) and the YTD trend (+4.7%).

Clothing, Electricals, Discounters and Department stores all slow. The ONS and Barclaycard

data both pointed to a softer April for Clothing, hitherto one of the more resilient categories.

Elsewhere, the ONS reported a notably slower month in Electricals, while Barclaycard data

flagged a clear slowdown for both Discounters and Department stores.

Sector now trades at a c.30% discount.