Shoppers visiting London’s West End yesterday were expected to spend £50m as the area enjoyed a “bounce” in footfall on Boxing Day.
The New West End Company, which represents businesses on Oxford Street, Regent Street, Bond Street and the adjoining areas, said that shoppers continued to spend in the crucial period before retailers’ Q1 costs come in.
Shoppers had been lured to the shops by discounts of up to 70% and tourists had been spending as a result of the weak pound.
Chief executive of the organisation Jace Tyrrell said: “In London’s West End we have seen a Boxing Day bounce, with footfall up 15% [during the] morning. International tourists are out in force driven by the weaker pound, as well as domestic shoppers who are looking for day out after family celebrations.”
Tyrrell said the area was on track to take £50m during the day taking total festive spending to £2.5bn. “It has been a competitive and challenging year for UK retail with rising costs and squeezed profit margins. As the largest private sector employer in the country, we need the Government to get beyond Brexit and support Britain’s retail sector in 2019,” he added.