British shops could still be facing a number of headwinds in the run-up to Christmas for the first time in three years when there are no travel restrictions. These headwinds could be caused by the rising cost of living and the persistent absence of overseas tourists.
It is anticipated that sales will reach 1.55 billion pounds in London’s West End, which is a decrease of 28 percent compared to the levels seen in 2019 before the epidemic.
New West End Company (NWEC), which represents 600 retail, restaurant, hotel, and property owners across the city’s busiest shopping and entertainment center, is the source of these numbers.
The company made the observation that despite the fact that it is anticipated that expenditure will increase by 24 percent year-on-year, its revenue for the area will only make up a fourth of all sales throughout the year 2022.
Footfall figures for the area are also expected to remain at 83 percent of those in 2019, and will possibly remain consistent with last month’s figures as consumers could likely spread their shopping budget across the eight-week trading period. This is due to the fact that the footfall figures for 2019 are expected to remain at 83 percent of those in 2019.
The interim chief executive of the real estate company, Dee Corsi, stated in a press release that in order for the United Kingdom’s high street and the country as a whole to be successful over the long term, they need to continue to be globally competitive.
Corsi continued by saying, “There are a lot of straightforward approaches to accomplishing this goal that the government is either disregarding or overlooking.” We run the risk of putting London and the United Kingdom at a significant disadvantage in the worldwide market if we do not conduct an impartial study of tax-free shopping and conduct a review of Sunday trade hours at London’s International Centres.
The number of merchants and trade associations that are petitioning the Treasury to reinstate tax-free shopping for international tourists continues to grow, and NWEC is one of those organizations.
In addition to this, it is requesting that the visitor visa system in the United Kingdom be simplified, since it was stated that this system had fallen behind those given by other rival holiday destinations.
The company is also hoping for a modification of the retail opening times in the region, as stores are frequently required to close at 6 o’clock in the evening on Sundays, which reduces the number of options for spending money.
The following is an excerpt from the organization’s press release: “NWEC believes that it is crucial that retail businesses are given the opportunity to cater to weekend city break shoppers, with its own research estimating that an additional 250 million pounds worth of sales would be generated annually at no extra cost to the Treasury.”
Reference:
Douglass, Rachel. “West End Sales to Hit 1.55 Billion Pounds during ‘Challenging’ Festive Season.” FashionUnited, 3 Nov. 2022, https://fashionunited.uk/news/retail/west-end-sales-to-hit-1-55-billion-pounds-during-challenging-festive-season/2022110366048.
