Retail Week reports that like-for-like sales in the capital last month were 6.5 per cent up on the same month in 2008 – the highest enjoyed by retail for five months. Mush of the boost was thought to have come from tourists making the most of the current low value of Sterling.
“After four months of annual declines, there was a strong bounce back in London's January retail sales,” British Retail Consortium director-general Stephen Robertson stated.
“Customers took advantage of the many clearance Sales on offer, resulting in the highest like-for-like increase since August. There was also a boost from overseas shoppers taking advantage of sterling's weakness and the wide range of clearances.”
However, the heavy snowfall and subsequent freak rainfalls are expected to impact on the February figures, with Robertson adding: “London retailers will be hoping for more predictable weather for the rest of the year and that the sales increase in January can be maintained.”