London retail sales 11% higher - commercial mortgages

15 January 2007

Retail business owners in central London, including those with commercial mortgages, saw a year-on-year increase in sales during December, a new report reveals.

According to the London Retail Consortium (LRC), sales in December rose 11 per cent higher than during the corresponding month in 2005, while total sales recorded in 2006 were 11.4 per cent greater than in the previous year.

Attributing the strength of sales to an increase in the number of visitors to the capital, the LRC states that pre-Christmas discounts and sales following the festive period also helped to bring customers in.

Kevin Hawkins, director of the LRC, comments: "These are good results, driven by some competitive retail offers and a strong recovery in tourism.

"I hope we will keep up momentum, although the comparatives with last year will get harder as the months go by."

Before Christmas, the Confederation of British Industry reported that on the only occasion since September, the growth in volume of sales "exceeded expectations" during December.

However, retailers, such as those with commercial mortgages, were less confident that the rate of growth would continue into January.