16 April 2007, 17:54 PM
  • Retail sales in central London were 10.8% higher last month than they were in March 2005 according to figures by the British Retail Consortium (BRC).

    It is better than last year when sales rose by 5.5% compared to March 2005. But, the retail footfall remained below year-earlier levels.

Helen Dickinson, head of retail for professional services provider, KPMG, explains, “Another good result for London with like-for-like sales, which exclude the impact of new retail space, growing 10.8% in March compared to the same month last year. Once again, London has outperformed the rest of the UK, where sales grew at a rate of 3.9%. Good weather and Mother’s Day have contributed to this performance in the capital, although the results of individual retailers continue to vary, with some doing much better than others.”

On March 2006, sales had already risen 5.5% compared to the same month in 2005, when Easter fell in March, rather than in April as in 2006. Weaker footfall but strong sales are in line with reports of people making fewer shopping trips, but spending more on each trip. Visitor numbers remained higher than a year ago, with Western Europeans still the main overseas shoppers, together with Russians.

“This is positive for central London retailers, especially given the strong comparatives from a year ago and the decline in the number of shoppers coming into the city centre. Tourism seems to be booming and this, combined with continuing, strong price competition for their business, suggests further growth is likely,” comments Kevin Hawkins, director of London Retail Consortium.