24th Mar 09
London retail sales up despite recession and weather
by Sally Davies
www.brc.org.uk
Severe winter weather, including the heaviest snows to hit London in over 20 years, and the impact of the recession, did not push the capital’s retail sales down in February.
The British Retail Consortium (BRC) released figures that show central London’s retail sales up by 5.9 per cent in February as compared with the same month last year.
Across the UK, in contrast, sales declined by 1.8 per cent for the month, year-on-year.
According to the BRC, the snows had an impact on shopping in the early part of the month, but performance improved later in the month on half-term shopping trips and the arrival of increasing numbers of shoppers from western Europe, drawn by the strength of their euros.
“Despite the recession and a poor start to February due to extreme snow, the capital’s retail sales outperformed the rest of the UK,” said Stephen Robertson, BRC director. “London retailers benefited as the weak pound made shopping here more attractive for overseas visitors – especially those from euro-zone countries. Half-term also helped.
He added: “More families opted to stay at home this year rather than go on foreign holidays. Consumer confidence held up a bit better as London is proving slightly more resilient to recession than other parts of the UK.”
Thanks to www.clickajob.co.uk for the above quotes, for more information on this article please visit their website.
www.brc.org.uk
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