West End falls behind rest of capital
LONDON’S West End has seen an upsurge in high-end purchases, though shops in the area have bounced back at a slower rate than the rest of the capital.
June sales in the West End shops rose 10 per cent on last year, compared to a 14.4 per cent rise in London and a 1.2 per cent upswing in the UK overall, according to figures from retail group New West End Company.
Retailers in the traditional shopping heartland of the capital have reported a rise in customers from Russia, which helped sustain luxury sales. Domestic and overseas travellers have both returned to the capital in the last three months, with the research claiming fashion, technology and homeware were the most popular products.
New West End Company spokesperson Jace Tyrrell said: “Feedback from our stores suggests that many shoppers are trading up to choose investment pieces with a timeless appeal. The high spend has helped drive an overall sales increase through June, despite sluggish footfall for the month.”
Tyrell predicted that the looming VAT rise in January would spur customers in the UK to splash out during the rest of the year.
The research also suggested the big rise in customers from the Middle East was down to timing, as holidaymakers visited London before the start of an earlier-than-usual Ramadan in August.
This translated into an uptick in luxury hotel revenue, with the five-star Langham hotel reporting a 20 per cent increase in bookings of its top suite.
“The Regent Suite launched and within weeks was already booked up until August,” said a spokesperson.