Retail sales in Central London during August were 11.5% lower, on a like-for-like basis, than in August 2004, when sales were fairly strong.
August's fall was the worst since the London Retail Sales Monitor (LRSM) began in October 2002. The average monthly change so far this year was a 2.0% decrease, against a 3.9% increase for the same months of 2004.
The three-month trend rate of growth in August fell to a 5.9% decrease from a 0.4% decrease in July for like-for-like sales in Central London.
Consumer anxiety continues to keep shoppers out of London. Sunny weekends encouraged people to go to out-of-town and seaside destinations rather than central London. The Ashes also cut footfall as potential shoppers stayed at home to watch the cricket.
The sharp reduction in London sales compares with a smaller decline of 1% for the UK as a whole.
British Retail Consortium
marketing@alchempro.com
