Enthusiastic price discounting have failed to encourage London shoppers to spend more last month. This lackluster retail performance has kept London’s retail sales stagnant.
This was the result of new data released by the London Retail Consortium (LRC) which revealed that shop revenue in October was 2.3 per cent lower than during the same month last year. The decline was also the same as the figures recorded in September.
The LRC also said that trade remained difficult even though footfall – the number of customers that visit stores – has improved compared to footfall figures posted in August and September.
Particularly hard hit were winter clothing sales because of unseasonably mild weather. Also, slashed prices and discount day promotions still failed to entice shoppers into buying items heavily.
In fact a number of initiatives have been launched over the past several months as a way of encouraging shoppers back into Central London.
Apart from the general consumer slowdown, stores have been also hard hit by the aftermath of July’s terrorist attacks. In fact, the New West End Company — a business partnership that aims to boost profits for shops on London’s Bond Street, Oxford Street and Regent Street – unveiled a new strategy to overhaul the West End.
The NWEC, in its report, is calling for a focus on the area not just as a thoroughfare but a “destination of choice”.