Retailers in London’s West End are predicted to take over £50 million a day in the six weeks to Christmas but till receipts should rise only 1.5% overall. There will be a tourist boost, but not as large as last year's.
Chinese, Kuwaiti and Indian visitors drove a spending boom in London's West End during the summer, new figures show. And October is expected to see a repeat performance due to China's Golden Week holiday.
The owners of shopping tax-refund firm Global Blue have held talks with investment banks over the past two days to choose advisers for a possible share sale next year, sources familiar with the matter told Reuters.
Global Blue has inked a deal to help Chinese tourists claim tax refunds on goods they buy in UK and European stores by linking up with mobile payments firm EuroPass. And the deal has a major WeChat social media angle.
The pre-Ramadan rush is continuing for UK retail as the weak pound and the allure of the luxury offer available in key cities such as London continues, according to new data from tax-free shopping specialist Global Blue.
There may be concerns about UK retail as Brexit talks loom and shoppers are hit by higher inflation, but international tourist spend appears to be going from strength to strength with tax-free shopping up 55% last month.
Tourists are heading back to Europe, and the recovery is showing up in everything from rising hotel bookings to tax-free shopping and air traffic, leading to a brighter earnings outlook for travel and leisure companies.