Why retail stores have reported a sharp drop in sales

Some of Australia’s biggest department stores have had a sharp drop in sales over the past few months.

They’re blaming interest rate rises, but others claim it’s due to the growing popularity of online shopping.

Fleur Brown, Chief Industry Affairs Officer at the Australian Retailers Association, said it was more likely to be the former.

“We are definitely seeing the bite from cost-of-living pressures,” she said.

Press PLAY below to hear her explain more