West End retailers can expect Christmas sales to match the £2.5 billion made last year, despite heightened political and economic uncertainty, new research showed on Friday.
Total sales over the eight-week festive run-in are unlikely to be lower, as some chains had feared, than the same period in 2018. Companies are grappling with Brexit uncertainty affecting consumer confidence, and competition from online rivals.
Footfall is expected to rise to 42 million shoppers, up from 41.2 million.
The predictions were made by the New West End Company, which represents 600 traders around Oxford Street, Regent Street and Bond Street.
They contrast to less positive Office for National Statistics’ figures this week that showed UK retail sales fell 0.1% last month.
NWEC expects the favourable exchange rates for shoppers from the US, China and Middle East “should help insulate the West End from the fiercest of retail climates expected to be experienced across the country this Christmas”.
Henry Gregg at NWEC said the area offers domestic and international shoppers reasons to visit again and again over the Christmas season, “contributing to resilient footfall and sales during this crucial trading period”.
The research came as new accounts from upmarket shoes retailer Russell & Bromley laid bare the difficulties High Street businesses face.
The family-run chain, which counts the Duchess of Cambridge as a fan, outlined a number of headaches it faced in 2018.
It said occupation costs “continue to cause concern” through rent reviews and business rates, and added that operating costs have been pushed up.
The firm also warned of “dampening consumer spend” on the UK High Street amid political and economic uncertainty. During the period it closed five shops.
Turnover last year dropped 7.7% to £92.9 million, and pre-tax profit fell to £769,763 from £8.1 million.
