New West End Company

January 01 2010

Retail sales in London’s West End held up well during the month of December, as shoppers flooded into the West End.  New West End Company, which represents retailers in Bond Street, Oxford Street and Regent Street, reports that sales for the month of December were up X% year-on-year and X% on 2007, according to the sales index*collated by data  trackers, Springboard. 

December saw a positive start with over 2 million shoppers hitting the streets for Shop West End VIP Day - the World’s Biggest Christmas Shopping Day – spending £200million for what retailers called “the best day’s trading in two years.”

Many retailers reported strong trading throughout the month of December with last-minute male shoppers galvanising a pre-Christmas rush, with £100 million spent in London’s West End over the Monday-Thursday before Christmas Day. 

Says Richard Dickinson, CEO, New West End Company, “In the lead up to Christmas many stores were reporting that trading was up around 10-12% up on last year and even up on a record 2007.  The end of December continued to see strong sales with shoppers queuing from the very early hours of Boxing Day in anticipation of picking up some fantastic bargains.”

Boxing Day fared well in London’s West End, with stores offering up to 70% off selected lines.  500,000 shoppers hit West End stores on what was the first day of the sales for many retailers, spending over £60 million on sale and clearance items in one day alone. A total of 1.2 million shoppers spent around £120m in the West End over the three days following Christmas. 

Comments Noel Saunders, John Lewis Oxford Street, “Over the Christmas period we saw consistently strong sales, with a number of record weeks, which saw increases not just on 2008 but also on 2007.  We saw particular interest in our women's fashion and accessories collections, including the John Lewis own brand range, with party dresses, formal wear and vintage jewellery in demand.  Traditional artisan food gifts such as British cheeses and English wines also proved very popular.

Chanel De Kock, Brooks Brothers, says, “We had an overall increase of 20% like for like on last year, with a notable lift on outerwear, luxury knitwear, men’s formal shirts and our Iconic Polo Button-Down Shirts.  On the whole, we’ve seen that shoppers are feeling more confident to spend again, with the average transaction value in store rising, and that most are buying investment pieces as opposed to less expensive “throw-away” items.”

Sales by international visitors to the West End were up 26% year-on-year, suggest figures from Global Refund, the market leader in tax free shopping.  International shoppers chose London’s West End over other top shopping destinations, such as New York, to enjoy a Christmas holiday shopping break as a result of favourable exchange rates, which sees designer goods and big ticket item at better value than in New York, Paris or Milan.

Visitors from the USA - who had dipped earlier in 2009 - showed strong growth with sales up 31% (y-o-y) in West End stores.   The boom in Chinese shoppers in the West End continues with sales up +118% year-on-year [all Global Refund figures to be updated to reflect December] 

Says Jeremy Baker, consumer trend analyst, “Shoppers across the globe have been through the greatest financial crisis since 1930s and they’ve lost the care-free attitude that was characteristic of the boom period.  Consumers realise that to be a successful shopper you have to be shrewd.  With prices often dramatically lower in the West End than other major worldwide cities – for example a Mulberry Bayswater costs almost £100 extra in Paris than the West End – I would expect the flow of international shoppers into the area to remain high for some time to come.”

Sally Chatterjee, Interim CEO, Visit London comments, “Only in London can visitors enjoy such an incredibly diverse range of shopping, attractions and restaurants. The favourable exchange rates have provided European visitors with fantastic value for money making London the perfect destination for a city break, while the exhibitions and events that take place throughout the year offer both first time and return visitors something truly unique to experience.”

New West End Company has launched West End Sales Watch (www.westendlondon.com/sales) to offer guidance to shoppers looking for details of the sales on offer in stores this January.