West End reports summer sales boom despite credit crunch
Luxury shopping sprees
INTERNATIONAL high-rollers splashed their cash in the West End in a summer boom which defied the downturn hitting the rest of the UK.
The number of shoppers hitting central London surged by 2.5 per cent in August compared with the same month last year.
The rise – a rare piece of good news amid the woes of the credit crunch – was fuelled by a 33 per cent increase in the number of customers from the Middle East.
Jace Tyrrell, of the New West End Company, said: “Shoppers from the oil-rich economies of the UAE, Russia and Nigeria appear to have boosted the fortunes of many of the West End’s 600 retailers last month, particularly at the luxury end.”
Tax-free luxury goods were the biggest draw for international shoppers in the capital, with Selfridges on Oxford Street reporting a waiting list for many items in its “Wonder Room” – a 19,000 square foot room full of precious gifts.
The “must-have” products included a Vertu phone costing £32,000 and Swarovski crystal encrusted iPods from £200 upwards.
But across the rest of the UK, retail figures plunged, with 8.5 per cent fewer shoppers over the same period.
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