Central London stores are set to get a big boost to sales in the run-up to Christmas, as the weak pound lures in more overseas shoppers keen to cash in on prices that the exchange rate has turned into bargain-basement deals.
A forecast from the New West End Company, which
represents retailers in Oxford St, Regent St and Bond St, suggests London's premier shopping streets will see a 5 to 10 per cent year-on-year increase in international visitors over the period.
Over the festive shopping season, which officially kicked off last week when the Christmas lights were turned on, 40 million shoppers are expected to hit London's big three retail streets. One in four will come from overseas.
The number of visitors from France and Germany has jumped this year as a result of the pound's deterioration against the euro. For the first time, the number of visitors from Europe has overtaken the number from the US, who normally account for about half the £2 billion ($4.58 billion) spent by foreign visitors in central London each year. The number from the Middle East, who are the biggest spenders, is expected to increase by 15 to 20 per cent.
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