The Live Wire



Press Release

LONDON SALES STILL STAGNANT

14 November 2005

  • Retail sales in Central London during October were 2.3% lower, on a like-for-like basis, than in October 2004, when sales had dropped 3.4%. October's result was the same as the 2.3% fall in September, but against a much weaker comparative in 2004.
  • The average monthly change so far this year is a 2.0% decrease, much worse than the 2.7% increase for the same months of 2004.
  • The three-month trend rate of growth in October improved to a 5.1% decrease from a 7.3% decrease in September as July's record fall fell out of the calculation.
  • Footfall fell less in October than in August and September, compared with a year ago, but trade remained difficult, with clothing in particular hit by the mild weather.
  • London sales have been substantially worse than sales in the UK in each of the last four months.

Kevin Hawkins, LRC Director, comments:

"While sales in October appear no worse than in September, Octobers decline was against a weak comparative in 2004, so this fall is worrying. On top of the factors that have made trading in Central London especially difficult over the last few months, in October London retailers also faced the same challenges as those in the rest of the UK, such as unseasonably mild weather affecting winter ranges and heavy reliance on discounts to entice value conscious consumers. Hopefully the next crucial weeks leading up to Christmas will bring some much needed growth."

Amanda Aldridge, Acting Head of Retail, KPMG, comments:

"The Central London retail scene remains depressed with a further decline in like-for-like sales in October, despite being measured against a weak comparative. Promotions continue to drive some volume but a combination of negative factors is still making Central London a difficult environment for retailers to operate in. In a market which is already pretty tough, Central London is coming off badly and destination stores will have to shine out through this gloom to attract their share of Christmas shoppers".



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