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| | | | 17/06/2015 | Drapers, Suzanne Bearne - Retailers concerned as West End trade goes south | | | | | 'Challenging' trading conditions in London's West End | | | | | Drapers reports that clothing and footwear retailers in London’s West End have spoken of 'challenging' trading conditions as the strong pound takes its toll on footfall and sales in the area.
Retailers have noticed a drop in tourists from regions including Europe, the Middle East and Russia. The latest Office for National Statistics figures show the UK’s earnings from international visitors fell 7% to £6.7bn in the year to April 2015.
Daniel Rubin, founder and executive chairman of Dune, said footfall had dropped across the chain’s West End stores.
One chief executive of a footwear retailer with stores in the West End described recent trade in its Oxford Street store as "quite tough", adding: "Once you get out of London, trade gets better. It’s got to have something to do with the euro."
Similarly, another retail source said her Oxford Street business was "slightly out of sync" with other locations. She said staff had noted a reduction in overseas tourists.
She also said disruption from the Crossrail construction work could be having an impact on footfall:
David Moss, owner of premium menswear independent Richard Gelding on North Audley Street in Mayfair, said: "There doesn’t appear to be the level of overseas visitors compared to previous years - obviously the Russians are not coming and there’s a shortfall down to the strength of the pound, dissuading people from coming to the UK."
However, Reiss retail director Tracy Dixon said the retailer was enjoying double-digit growth in its West End stores and John Lewis Oxford Street concessions.
Footfall to the West End fell 4.6% during the week commencing June 8, according to data compiled by research firm Springboard and the New West End Company, which represents retailers in the area. In Greater London, footfall fell 3.2%.
Jace Tyrrell, deputy chief executive of the NWEC, said footfall to the West End grew 1.6% year on year in May, compared to a 1.8% drop nationally. |
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