With the festive season now in full swing, new research from Colliers International reveals that savvy international shoppers should continue to head to the UK, where the weak pound means that savings of up to 20 percent can be made on luxury goods.
The Central London Retail Healthcheck report shows that the decrease in the value of the sterling has made the UK an even more attractive place to shop. This is evidenced by a 44 percent rise in sales from non-European Union overseas visitors since August. Americans remain the biggest international shoppers in the UK with a 74 percent increase in tourist purchase habits, year-on-year. Spending by Chinese visitors to the UK is up by 65 percent compared to the previous year.
This report comes at a time when London retail has enjoyed five years of unprecedented growth as investment in infrastructure and an influx of new global brands and international visitors have created a leading retail environment.
However, in the face of post-referendum uncertainties, business rate revaluation and a significant volume of new retail space coming to London over the next three years, Colliers considers how the character and prestige of key Central London shopping streets can be harnessed to support the continued success of retail in this global city.
For more insights, read the full Central London Retail Healthcheck report.