Tourism and interest rates blamed
Central London retail sales for October dropped 3.3 per cent on a like-for-like basis compared with the same period last year, according to the London Retail Consortium.
The organisations research, in conjunction with KPMG, found that US tourist numbers and spending were well below last year's levels, which an increase in Russian and Australian visitors to the capital failed to make up for.
LRC director David Southwell said: 'Even with comparisons to the strong October last year, nothing hides the fact retail sales in Central London were very disappointing. October was a tough month and will heighten the nerves of retailers going into Christmas. The impact of interest rate rises and fears over the housing market seemed to have exacerbated in the capital.'
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