The West End of London is preparing for a more prosperous festive shopping season compared to last year. However, retailers are still facing obstacles due to the cost-of-living crisis and a decline in international shoppers. The New West End Company (NWEC), an industry body, has projected that £1.55 billion will be spent in the West End during the eight-week period. While this figure marks a 24% increase from 2021, it remains 28% lower than the figures from 2019.
The continuous rise in inflation and the absence of high-spending tourists have contributed to footfall levels in the West End being only 83% of what they were before the pandemic. NWEC has reiterated its call for the government to reconsider its decision to abandon the reintroduction of tax-free shopping and to extend Sunday trading hours. These measures would help stimulate consumer spending and provide support to retailers during this challenging time.
Despite the potential presented by the first restriction-free Christmas in three years, NWEC emphasizes that the shopping season will pose challenges. The £1.55 billion expected to be spent during this period accounts for a quarter of the total sales for the year, highlighting the significance of the festive season to the retail industry, not just in London but throughout the UK.
Dee Corsi, NWEC’s Interim Chief Executive, recognizes the potential hardships families may face due to the ongoing cost-of-living increases and anticipates that some families may be more cautious with their spending. Corsi stresses the importance of the long-term success of the West End and the wider high streets in the country, emphasizing the need for the government to consider simple solutions to maintain their global competitiveness. NWEC believes that an independent assessment of tax-free shopping and a review of Sunday trading hours in London’s International Centres are crucial to prevent placing London and the UK at a significant global disadvantage.
In conclusion, the West End of London is optimistic about a more successful festive shopping season. However, retailers are aware of the challenges posed by the cost-of-living crisis and the limited number of international shoppers. NWEC is urging the government to reconsider its decisions regarding tax-free shopping and Sunday trading hours in order to support the recovery of the West End and ensure its global competitiveness.
Useful links:
1. New West End Company
2. Oxford Street Christmas Lights
