IMA: Net retail sales slumped 40% in 2011

Net retail sales slumped nearly 40% last year to their lowest level in three years, according the IMA's annual figures.

Equities were the most affected, with the asset class pulling in just £3bn - less than half the sales of £6.9bn it saw in 2010. Overall net retail sales were £18bn for the year, down from £29.3bn in 2010, a 38.5% fall. Although the year started strongly with £13.6bn of net retail sales in the first half, it dropped away sharply following the tumultuous summer. Net retail sales for the second half fell to £4.4bn - more than £10bn lower for the same period in the previous year. Richard Saunders, chief executive of the IMA, said: "2011 was a year of two halves. The first six months sa...