Tube strike threat to retailers boxing day hopes.
The threatened Boxing Day tube strike could be a major blow for London’s retailers, damaging a crucial part of the capital’s economy at its most important time of year.
London retailing provides jobs for 380,000 people. Nearly a fifth of all the UK’s retail spending takes place in London, generating a turnover of £54 billion last year.
In recent years, Boxing Day has grown in importance with more stores now launching their post-Christmas sales on that day. With impending tax rises and spending cuts undermining expectations for 2011, many retailers were hoping a successful Boxing Day would make a major contribution to a final big week at the tills before January gloom sets in.
Director General of the British Retail Consortium, Stephen Robertson, said: “This could be a major blow for London’s retailers and their customers on what’s now one of their most important days of the year. 380,000 jobs directly depend on a successful retailing sector in the capital.
“Retailers in London need a strong start to the post-Christmas sales. On the back of disruption caused by severe winter weather and student protests, they now face a difficult time in 2011 as VAT goes up and public sector cuts begin to take effect.
“Everyone involved in the tube drivers’ dispute needs to recognise the importance of London retailing and the damage disruption on this scale will cause.”
