Including London’s West End retailers set for £2.34bn sales haul during festive period.
The Source rounds up some of the key retail stories of the week.
Retailers in London’s West End are set for a £2.34 billion sales haul during this festive period, according to the New West End Company. From Sunday November 6 – when the Christmas lights are switched on – revenues are due to rise 1.6% compared to the same six-week period last year. The New West End Company’s Christmas Tracker Report 2016 said that retailers on Oxford Street, Bond Street, Regent Street and the surrounding areas will make £51.1 million per day – £5.1 million per hour – during the key trading season. International tourists are likely to continue to flock to the area, taking advantage of the weak pound following the Brexit vote.
Halloween and October half term helped John Lewis to break through the £100 million mark for weekly sales for the first time this year. Sales grew 7.2% year on year to £102.8 million for the week ending October 29. The home category was up 5.5%, with Halloween ranges proving the stand out performer with sales more than doubling during the week.
HMV is back in second place in the physical entertainment market, growing its market share to 15.4% in the 12 weeks to September 25, according to Kantar Worldpanel. Amazon remains in the number one position – with market share of 20.4% – while Tesco‘s share dropped slightly to 12.7% as HMV took CD, DVD and games sales from the grocer.
Value retailer TK Maxx saw its pre-tax profit climb 11% to £142.3 million for the year to January 30, 2016. Sales were also up 11%, reaching £2.4 billion, while like for likes grew 4.6% year on year.
Fashion retailer Next saw its full price sales dip in August and September, before rising again in October. Full price sales were down 7% and 5.1% in August and September respectively, but grew 1.3% in October. Total sales for the year to date edged up 0.4%.
Grocer Morrisons has seen its like for like sales grow 1.6% in its third quarter. The retailer said that it had enjoyed a successful launch for its new premium range – called The Best – during the period, while Halloween was its biggest yet, with seasonal sales up around 20% year on year.
Luxury department store Harrods has reported its seventh consecutive year of profit growth – with an 18.7% rise in pre-tax profits to £168 million for the 52 weeks to January 30, 2016.
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