Fashion and accessories retailers have emerged with a win in the week leading up to the Melbourne Cup.
According to the Australian Retail Index (ARI) sales in the fashion and accessories sub-sector hit an increase up 7.6%.
BDO national retail lead partner Simon Scalzo said that although it's a positive surge in the current retail climate, sales had slumped from last year.
“This is also the case for other retailers with retail spending across the board being down nearly 3 per cent.”
Scalzo said that businesses need to remain focused to see growth over the upcoming Christmas period which is expected to see growth on figures from 2014.
“Retailers need to remain focused for the critical December sales period to ensure they achieve a similar or higher uplift in sales to last year.
“Having the ability to benchmark day-to-day sales figures will be revolutionary to the retail sector.
“Having access to daily figures from around the country will help retailers alter their sales strategies to move with the market.
“Whether that’s adjusting stock levels, staffing levels or marketing campaigns, the figures will give retailers a head start and hopefully maintain strong profits well into the Christmas and New Year periods.”