London’s West End set to lose 2 billion pounds of sales during the Christmas period

London's West End set to lose 2 billion pounds of sales during the Christmas period

November usually signals the beginning of the annual “golden trading period”, as around 70 per cent of customers start buying Christmas presents. The shutting down of non-essentials retailers could be a Christmas disaster for many brands and fashion businesses.

West End retailers, which employ one in 10 Londoners, are set to lose 2 billion pounds worth of sales during the Christmas period, reports City AM. This is equates to approximately one third of annual sales.

Jace Tyrrell, Chief Executive of New West End Company said: “A circuit-breaker lockdown of non-essential travel and retail is a true nightmare before Christmas for West End retailers. I would urge the government to match restrictions with support for British business.

Diane Wehrle, insights director at Springboard, said: “The national lockdown restrictions will now see our struggling retailers miss out on the start of essential weeks of Christmas trading, including Black Friday weekend as non-essential retail remains closed until 2 December at the very earliest.”

She added: “Most consumers are likely to have completed a vast amount of shopping online in advance and may well have fears of returning to bricks and mortar stores, however retailers need to be given the opportunity to reopen ahead of Christmas.”

Article source: City Am

Image: Burst / Pexels

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