A bank holiday spending spree is being predicted as consumers flock to the shops this three-day payday weekend.
Worldpay predicts that £3bn will be spent at high-street businesses during the long weekend, with DIY retailers and garden centres the key beneficiaries.
They’ll face stiff competition from pubs and restaurants though, as the battle between retail and experiential spend continues.
Worldpay estimates that during the earlier May bank holiday, spending in pubs and garden centres rocketed 25% compared to the average over a long weekend.
But the good old British weather could throw a spanner in the works here – it looks like thunderstorms could be breaking this week’s heatwave.
Thunder and lightning are the least of Sir Philip Green’s worries, however – the Arcadia tycoon is currently trying to rescue Topshop’s Australia business, which entered voluntary administration earlier this week.
Quote of the day
“The current weakness of the pound means more Brits are choosing a staycation instead of heading abroad. Savvy business owners will be doing all they can to make the most of this boom, from taking on extra staff to deploying technologies designed to speed up service at busy times”
– James Frost, Worldpay
Today in numbers
The number of Topshop branches in Australia
London’s place in CBRE’s global ranking of the world’s most popular retail expansion destinations
Happy bank holiday weekend trading from everyone at Retail Week
Becky Waller-Davies, reporter