Christmas trade set to earn West End retailers £51m per day

£2.34bn in sales is expected to be generated by retailers in London’s West End during the Christmas trading period.

Compared to the same six-week period last year, starting this Sunday up until Christmas Day, revenues are set to rise by 1.6%.

According to the New West End Company’s Christmas Tracker Report 2016, retailers on Oxford Street, Bond Street, Regent Street and the surrounding areas will earn £51.1m per day, or £5.1m per hour, during the peak trading season.

The New West End Company also expects international tourists to visit the West End to take advantage of the weakened pound following Brexit.

But despite the predicted increase in spending over Christmas, footfall in the West End is expected to drop 3.1% compared to last year, as more consumers will shop online and reduce the number of high street visits.

The New West End Company said fashion retailers were the most likely businesses to suffer from the decline in customers.

Despite the positive forecast over the Christmas period, Jace Tyrrell, New West End Company chief executive, said that next year is expected to be challenging for businesses in the region.

He commented: “This could be the last Merry Christmas for the West End for a while unless we see something from the Government on business rates.”

“The New Year will ring in numerous challenges for our retail heartland and we will need full support from the Government on critical issues such as business rates to ensure we can continue to strengthen the UK economy as Article 50 is triggered and we enter two years of uncertainty as negotiations to leave the EU begin.”