London's luxury retailers fear the city is losing its pull as a shopping destination, with tourists from the United States, China and the Gulf flocking instead to Paris and Milan where tax breaks still offer a way to cut the cost of their purchases.
cited the axing of VAT-free shopping as a major factor behind the closure of its Bond Street store last month.
For visitors from Gulf states - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE - UK sales were only back to 65% of 2019 levels. France meanwhile was at 198% relative to 2019, Italy 166% and Spain 158%. "The Chinese will be the most critical demographic to watch because they've always been the most price-sensitive," said Medway, whose partnership represents hundreds of businesses in the luxury shopping districts.
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