The Live Wire



Press Release

Easter boosts London retailers

19 April 2010

· Retail sales in central London in March were 9.9% higher on a like-for-like basis than a year ago, when sales had risen 5.2%.

Good Friday and Easter Saturday falling in the March trading period this year but in April 2009 boosted the year-on-year comparison.

· Retail footfall in March rose above its year-earlier level for the first time since October 2009. The earlier Easter holiday and several mid-season sales and promotions attracted shoppers into the capital.

* Sterling’s weakness continued to attract overseas visitors. London was also a popular destination for Europeans over the Easter holiday. Chinese visitors remained more numerous than a year ago.

* Easter purchasing falling in March this year but April last year boosted food sales. Non-food also benefited, though consumer caution and unseasonable weather limited the gains.

MARCH

JANUARY – MARCH

Central London,

Like-for-like

% change on year ago

Central London,

Like-for-like

% change on year ago

9.9%

7.7%

UK 4.4%

UK 2.1%

Stephen Robertson, Director General, British Retail Consortium, said:

“These are strong figures helped by an earlier Easter, overseas visitors and improving consumer confidence. Overall, London’s retail sales growth was well up on a year ago and outperformed the rest of the UK by a wide margin.

"Pre-election uncertainty is still making customers nervous about spending but they feel more confident than a year ago and London shoppers are more willing to spend than those elsewhere.

“This year’s earlier Easter boosted food sales in particular, with the first half of the Bank Holiday weekend reflected in these March results. The Easter holiday encouraged more British families to come to London and combined with the weak pound attracted visitors from western Europe and China in particular.”

Helen Dickinson, Head of Retail, KPMG, said:

“The timing of the majority of Easter spending, falling in March 2010 but in April last year, has boosted this month’s figures. Central London continues to outperform the rest of the UK, where like-for-like sales grew by 4.4% in March, highlighting the capital’s ongoing resilience and its dependence on overseas visitors taking advantage of sterling’s weakness. In particular, department stores continue to be successful in attracting visitors, both from home and overseas."



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British Retail Consortium

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