West End Sales Up 10.3% in October Boosted by Global Luxury Shoppers
November 18 2009
New West End Company, which represents retailers in Bond Street, Oxford Street and Regent Street, reports that year-on-year sales are up 10.3% on October 2008 and 4.4% on October 2007 according to data tracker Springboard.
The London Retail Consortium (LRC) also released figures today indicating that retail sales in Central London in October were up 4.2% on the previous year on a like-for-like basis. This compares to UK figures for the same period of 3.8%, which indicates that London’s West End continues to outperform the UK. The three month trend growth for London Sales for August to October was 2.2%.
West End retailers reported that both luxury international shoppers and domestic holidaymakers played a key role in boosting sales. This was driven by designer accessories, watches and jewellery purchases. The West End's luxury quarter, including Mount Street and Bond Street in particular, saw luxury transactions up 18% year-on-year for October according to Global Refund.
China was the highest growing market for October, with retailers enjoying a sales increase of 127% and average spend up 21% year-on-year.
October also saw the return of the American market, who came to the West End to purchase quintessentially British items for Christmas presents. The US market saw a 31% increase in sales and an 8% increase in average spend year-on-year.
Richard Dickinson, Chief Executive of New West End Company, added: "These figures are all evidence that momentum is building up towards the Christmas shopping peak, as people choose the West End to buy gifts and enjoy the festive lights and window displays."