There's a fight for wallet share post-pandemic.
London’s Regent Street has always been popular with more affluent tourists, so when Covid-19 hit, many shops in the area suffered financially. — Pexels
“We aren’t out of the woods by any means,” said Simon Harding-Roots, managing director for London at The Crown Estate, which counts Regent Street among its £7.7bil of holdings in the capital.“We’re well aware we’ve got some tough times ahead.” Even Primark, which has steadfastly resisted moving online, said recently it will start a trial selling children’s products through its website for in-store collection.
More broadly, the problems affecting London’s prime shopping district are similar to those facing high streets across Britain.Retail leaders need to consider where best to invest money and many will think the digital world is a safer bet, said Peter Williams, the chairman of Mister Spex and former chair of Boohoo Group. “Many will ask ‘do I really need to invest in a store on Regent Street, when the West End is not looking as good as it once did? Probably not’.
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