A rapid shift to online shopping in Britain due to COVID-19 has boosted retailers' sales and share prices, even though footfall in high street shops remains well below pre-pandemic levels.
It’s not just furniture and decorations: Pets at Home shares shot up more than 30% in July as demand for pets during the pandemic offset the impact of fewer owners seeking its vet services. Morgan Stanley, Citigroup and Liberum have all raised their target price since then.
“Fundamentally they’re probably going to end this year with 50% more active customers than they had last year and those customers aren’t suddenly going to switch away,” Peel Hunt’s Stevenson said.
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