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Good News for Retail Business in London
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Good News for Retail Business in London
Recent figures published by the British Retail Consortium show that retail sales in central London have risen 10.8% compared to 2006. The figure is calculated on a like-for-like basis year over year taking into account when the Easter break falls. The statistic is particularly welcome because in real terms retail footfall – ie the sheer volume of high street shoppers – has actually fallen in the past year. This suggests shoppers may be visiting the shops less BUT they are spending on average more money on every shopping expedition. Good news for retailers. Industry experts believe the recent fine weather has encouraged consumer spending, especially on outdoor items like garden furniture, barbecue equipment, and outdoor clothing and footwear. As one would expect, a healthy proportion of spending in the capital’s shops is attributed to visitors to the city and indeed, visitor numbers are up on last year. Western Europeans are the biggest spenders, closely followed by the Russians. Sunny spring weather certainly seems to have prompted spending on certain items, whilst a surge of jewellery and gift sales occurred around Mothers’ Day. Although sales of outdoor goods have increased, indoor items have remained stable, with some retailers reporting healthy sales for large furniture and electrical items whilst sales of smaller goods followed no particular trend. www.businessinberkshire.co.uk/businessinlondon
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