Retailing: Initial signs of recovery but still declining investment

After strong sales losses in 2002 of 2.1% nominal and 2.5% real, there are hopes that retailing will match the previous year level nominally and fall only 1% below in real terms. According to the plans of the firms that participated in this year’s Ifo Investment Survey, retail investments this year will be around 10% lower than the previous year (in terms of value); the rate of change is thus clearly below that of the economy as a whole (-1.5%).