Retail sales on London’s busiest shopping streets are expected to see a £150m boost over the Black Friday weekend amid challenging conditions on the high street, according to a trade group representing retailers in the area.
Sales are expected to equal those of last year among around 600 retailers on Bond Street, Oxford Street and Regent Street, according to the New West End Company (NWEC).
Shoppers will not only see price cuts, but will also also be offered in-store only promotions, as retailers bid to combat the effects of Black Friday falling before most people’s October payday, it said.
The shopping weekend has traditionally fallen shortly after the last payday before Christmas, but this year’s placement will compel retailers to fight especially hard against a “tightening of purse strings” among consumers, it said.
Kyle Monk, head of insight at the NWEC, told City A.M. the wider economic troubles on the high street would see shoppers “competing more smartly than they were before”, forcing retailers to take drastic action to whip up footfall, including John Lewis’ flagship Oxford Street branch stationing an ice rink on the roof.
More restrained in-store offers include GAP on Oxford Street offering its first 50 customers a VIP card giving them 50 per cent off for the rest of the year, and Pandora giving out limited edition bangles for those spending £125 or more.
NWEC research has also found the average transaction on Bond Street was £333, 44 per cent more than the national average transaction value of £187.