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What do recent sales data imply for the retail sector?

The recent strength of retail sales data overstates demand on European prime high streets, with spending by tourists still absent and online purchases making an above-average contribution in most markets. That said, online spending growth has been comparatively weak in France and Portugal. Although it is still early days, if this is an indication of lower willingness or ability to spend online, it may be a small piece of good news for bricks and mortar retail in these countries further ahead.

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