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Written by Mrs. M
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Friday, 26 September 2008 00:00 |
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London's West End has
experienced a shopping boom thanks to oil-rich states, says Mrs. M., while the rest of us are feeling the crunch. The Bond Street and Mayfair boom
which is fuelled by rich internationals has defied the economic crisis
affecting the rest of the country.
The oil-rich nations
of the Middle East and Russia and Nigeria seem to be immune to the credit crunch. Selfridges had a waiting list for its' Wonder
Room, a space dedicated to luxury gifts, such as £32,000 Vertu phone and a iPod
encrusted with Swarovski crystals.
Shoppers might opt for the £2,900 Tag Heuer mobile phone in
crocodile-skin.
The average amount
spent by international shoppers increased by 27%. The United Arab Emirates' spending went up by 86%. Russian spending went up 73%.
June, July and August
saw very healthy sales in Bond Street, where trinkets at Asprey's and Cartier were
running out the doors. Bond Street, Oxford Street, and Regent Street make up the largest concentration of retail stores in Europe. The West End enjoy visits from 200m a year, who spend £5.8
billion annually. 50% of these are
tourists, and the other 50% are local visitors.
It's all right for
some.
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