The Notebook: Looking east for opportunity December 4, 2024 Wall Street has been on a euphoric march upwards, as investors have taken a distinctly glass half-full attitude to Trump’s upcoming presidency. The focus has been on his promised tax cuts and de-regulation drive, while they’ve largely shrugged off the potential ramifications of his punishing tariff plans for the US and the global economy. There [...]
Bond Street moves into third for world’s most expensive retail spot November 20, 2024 Bond Street has leaped-frogged Tsim Sha Tsui in Hong Kong to take bronze in a list of the world’s most exclusive retail streets. The shift bucks bucks fears about the decline of brick-and-mortar retail on the high-street and the so-called tourist tax, which has faced campaigners’ calls for scrappage. The average rent on Bond Street [...]
London Big Bus Tours operator slashes loss as sales accelerate November 5, 2024 The group that operates London Big Bus Tours cut its pre-tax loss by more than $50m (£38.5m) during its latest financial year. Big Bus Tours Group has posted a pre-tax loss of $31m for the 12 months to 30 April, 2024, having made a loss of $82.4m in its prior year. Newly-filed accounts with Companies [...]
Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments November 1, 2024 Given the straitened public finances it is understandable to leave no stone unturned when looking to balance the books, and we welcome the much-needed investment in the public services. But business owners, the ones creating jobs, are paying this bill. The likely outcome; job losses. Business owners are the lifeblood of the economy, driving growth [...]
Rocco Forte: Labour’s ‘ideological approach’ risks hammering private sector investment October 27, 2024 Luxury hotelier Sir Rocco Forte has said Labour’s rumoured tax raid at the Budget this week will discourage investment from the private sector and unnerve businesses looking to come into the country. Speaking on the BBC’s Sunday with Laura Kuenssberg, the English businessman said Rachel Reeves and Keir Starmer are taking an “ideological approach” and [...]
Burberry, LVMH and Kering: Rebound of travel and China to boost luxury market October 22, 2024 Analysts have stressed the problems in the luxury market are cyclical, not structural, and predicted an upswing at brands like Burberry, LVMH and Kering as international travel looks set to rebound past pre-pandemic levels. The downturn in the luxury market, which has been suffering from the cost-of-living crisis in the West and a slowdown in [...]
Sir Rocco Forte leads 300 business leaders in call to scrap ‘spectacular own goal’ tourist tax October 21, 2024 Over 300 business leaders have signed a letter asking Chancellor Rachel Reeves to reinstate tax-free shopping in the UK, calling the so-called tourist tax a “spectacular own goal” for retail. The signatories, which include hotelier Sir Rocco Forte, Paul Smith, Heathrow, John Lewis and Shakespeare’s Globe, have said that if Reeves is serious about promoting [...]
‘Tis the season: Festive spending to boost London’s West End October 21, 2024 Festive spending in London's West End is expected to reach £1.7bn, with international tourists set to push sales up by 3.2 per cent in the run up to Christmas.
Wedgwood owner slumps to loss despite strong Harrods and Selfridges sales October 7, 2024 The owner of historic fine china and porcelain brand Wedgwood has slumped into the red despite strong sales through Harrods and Selfridges. Fiskars UK, which is based in Stoke-on-Trent, is also behind the Waterford, Royal Doulton and Royal Albert brands. Newly-filed accounts with Companies House have revealed that the business fell to a pre-tax loss [...]
Luxury retail might be struggling globally, but it’s thriving in London October 4, 2024 It’s somewhat surprisingly that luxury retail in London is doing so well, particularly given eye-catching figures about a wider downturn in the luxury market, the effect of the tourist tax, and the potential exodus of high-net-worth non doms from the capital. But while these “handicaps” – particularly the tourist tax – have hampered demand somewhat, [...]