Big spenders boost West End tills
New West End Company has reported a 5.8% year-on-year increase in sales for the month of January.
The result, reported by retail trackers Springboard, is ahead of a 2.3% rise across the rest of the UK in January according to the British Retail Consortium (BRC).
New West End Company reports that premium retail areas, Bond Street and Regent Street have seen double-digit year-on-year increases in footfall in January, with high spenders out in force, driving sales of luxury items, particularly at the start of the month ahead of the VAT increase.
Domestic shoppers, stocking up particularly on menswear for a new start to the year, also drove strong sales throughout the month. High-end tailor, Brooks Brothers on Regent Street saw a run on Men’s suits, reporting that sales of their premium suiting were up 25%.
Jace Tyrrell, New West End Company says, “January trading was boosted by those perennial big-spenders – shoppers looking for luxury items and also domestic shoppers kitting themselves out for a new year of work – London is definitely spending again this January.”
Beverley Aspinall, Managing Director, Fortnum & Mason, says “Luxury British brands have held up really well in recent months and there is a global interest in British brands that’s really been growing over the last few years which has helped to keep the West End, and Fortnum’s in particular, performing strongly.”
New West End Company represents retailers on Bond Street, Oxford Street and Regent Street.
