2011 Sales Up 3.1% With Record December Up 6.8%

New West End Company released a report today that reveals the Olympic year is set to drive a growth in retail sales of 3.5% in Bond Street, Oxford Street and Regent Street.

West End retailers are optimistic that sales will reach £7.7billion in 2012 with further momentum gained during the Queen’s Diamond Jubilee, offsetting a slow start to the year. This follows strong December trading as West End retailers reported a sales upswing of 6.8% year-on-year.

The report commissioned by New West End Company and compiled bySpringboard, the UK’s leading High Street footfall monitoring organisation, confirmed that luxury-seeking international shoppers who account for a third of West End shoppers, would continue to help bolster sales in 2012 spending over £2billion.

In 2011, overall sales and footfall to the West End increased by 3.1% and1.7% respectively (against national results of 0.1% and -1.1%)*.

Richard Dickinson, Chief Executive of New West End Company, says, “This forecast shows that as far as the West End goes we are due to see better economic times. Ultimately the 2012 Olympics can help put the Great back into Britain and our latest forecasts indicate that the central London retail economy is now likely to bounce back and can make a strong contribution to these better times.”

Maureen Hinton, Retail Analyst at Verdict added, “The West End is bound to outperform the rest of UK retail as it has the advantage of being a prime tourist shopping destination as well as having a high profile retail reputation for UK shoppers. The forecast of 3.5% growth looks achievable even though we at Verdict are predicting a 0.5% fall in non-food sales for total UK retail in 2012.”

The Mayor of London Boris Johnson says, “2012 promises to be a summer like no other, and businesses throughout the West End now have a unique opportunity to reap the benefits when the world comes to the capital.”

 

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