Rain has put a dampener on the success of the retail industry
Since the start of its double dip recession, the UK has seen a lack of business demand and a noticeable decline in property values, particularly in the London office space market. Businesses have developed a fear of expansion and risk taking, which means that the country is struggling to boost the economy again.
Statistics show that the retail property within London’s West End has been seemingly less affected by the recession, as shoppers continue to make purchases in the popular locations of Bond Street and Oxford Street.
However, since the recent wet weather that the UK has experienced, the British Retail Consortium has noted a decrease of 3.3% in sales compared with last year’s figures as a direct result of the rain.
With little opportunity to don high heels or expensive boots in the pouring rain, footwear sales have been the worst affected, and have noted their most significant decline since the start of 2008.
Having received over 120.3mm of rainfall, temperatures throughout April have been the lowest recorded in 23 years, and Stephen Robertson, Director General of BRC, says, “The wettest April since records began has put a dampener on retailers' fortunes.”
While the general retail market has taken a hit, department stores seem to be the only ones benefitting from the wet weather. Studies show that while people are unwilling to traipse around outside shops, they are quite eager to take refuge in a department store, where they can shop and still remain dry.
If you would like more information on office space to rent in London, talk to Search Office Space now on 0800 524 4649 to discuss your requirements.