London retail sales improve in October – commercial mortgages

13 November 2006

A number of investors with commercial mortgages in London may have benefited from strong retail sales during October, a new report reveals.

According to a survey conducted by the London Retail Consortium (LRC) and KPMG, sales were 15.8 per cent higher than the same period last year on a like-for-like basis. However last year's 3.1 per cent drop in sales was attributed to the terrorist attack on the capital in July.

The LRC also reports that the number of people shopping in the city increased by six per cent compared to the previous year.

Commenting on the strength of the retail sector, Helen Dickinson, head of retail at KPMG, says: "The continued growth recorded this month is no great surprise, but we are now approaching a key period for London retailers in terms of these comparatives."

The British Retail Consortium recently reported that nationally, the retail sector had experienced positive growth during October, with sales increasing by 2.6 per cent compared to the same period last year.