HOPING TOURISTS GO WEST
Foreign shoppers are expected to deliver a merry Christmas for London’s posh West End stores as they visit the capital to cash in on the weak pound.
According to forecasts from the New West End Company, which represents retailers including department store Debenhams, till receipts in the six weeks to Christmas are expected to rise by 1.5% to £2.61billion.
Traders expect average takings of £51.1million per day and will create 4,700 seasonal jobs to meet demand.
Jace Tyrrell, chief executive of the NWEC, said 2017 had been a challenging year for retailers due to falling consumer confidence and higher business rates.
But he believes shoppers from China and the US will continue to take advantage of the weak pound.