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Defiant shoppers head for Oxford St
Jonathan Prynn, Consumer Affairs Editor17 Nov 2008
SHOPPERS are defying the recession and have been flocking to the West End since the Christmas lights were turned on last week.
The number of bargain hunters in Oxford Street, Regent Street and Bond Street was up 11.6 per cent on last year between Friday and Sunday. Sunday was the best day with 17.4 per cent more people crowding into central London's shopping district.
On Oxford Street shopper numbers were up 20.1 per cent. Store managers said the strength of the euro and that the lure of the Oxford Street and Regent Street lights had attracted more people than expected.
French, Italian and German visitors are in London in record numbers, taking advantage of the 20 per cent devaluation of the pound against the euro over the past week. With promotional price cutting on top, some luxury goods are 30 to 40per cent cheaper in sterling terms than a year ago.
Selfridges said it was able to price a D&G Lily bag selling for £863 in Paris at £695, or 20 per cent less, in London due to the weak pound.
There has also been a surge in tourism from the British provinces in recent days with large numbers of coach parties coming in to see the lights and a West End show. Richard Dickinson, chief executive of the New West End Company, which represents traders in the three main shopping streets, said: "Fashions sold well yesterday, with fashion accessories continuing to perform well across the area.
"Retailers reported a continued strong international presence but said that UK domestic shoppers were also notably out in force with gift selections selling in respectable quantities."
Reader views (2)
I was amazed at the number of people shopping in the West End on Saturday and will not visit Oxford Street or Regent Street on a weekend again until after Christmas, it was bonkers!
- Sharon, London, 17/11/2008 14:50
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People will continue to spend mainly on their plastic because until the bill arrives it is not real money for many the interest rate has increased on their cards (despite the fall in interest in The Bank of England rates) they may well get a shock if they cannot pay off the full amount.
- Mike Melbourne, Bedford England, 17/11/2008 14:26
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