The recent unseasonably warm weather has marred consumer expenditure in the West End of London which has reported a 4.2 per cent dip in sales for the month of October.
Coats and winter knits have remained on their hangers according to the New West End Company (NWEC) which gathered the data from 600 retailers on Bond Street, Oxford Street and Regent Street it represents.
The NWEC believes that the Eurozone crisis caused shoppers to cut back on discretionary spending. Retailers are hoping that shoppers have deferred the spending, according to the NWEC, as sales have begun to increase since the Christmas lights were switched on earlier this month.
NWEC chief executive Richard Dickinson said: “Retailers hope that November will be a positive month, as those on Oxford Street launch pop-up sales to get consumers spending for the festive season. Retailers will be pulling out all the stops to offer a huge range of great products at the best possible prices for shoppers to enjoy.”