West End retailers expect to make a record-breaking £115.5m on Black Friday

Will you be looking to grab a bargain?

West End retailers expect to make a record breaking £115.5m on Black Friday, this is a 5 per cent uplift on last year’s performance.

There has been some debate as to whether Black Friday would stick around in the UK but it looks as though it’s becoming a permanent fixture in the retail calendar each year, West End stores have stated that Black Friday alone represents 1.25 per cent of total annum sales.

Retailers across the West End are looking to cash in on Black Friday. Debenhams, John Lewis and House of Fraser are offering huge promotions to mark the occasion, homeware and technology look to have the best discounts.

Bricks and Mortar stores are looking to extend offers up until Monday just like its online competition, stores are also expected to stay open earlier with trading to continue later into the evening to help entice shoppers into the stores.

Due to the weak pound tourists, will be looking to grab a bargain on the day.

Following the Brexit vote, overseas spend in the West End has risen significantly, with total tax-free (non-EU) sales in August rising by 44 per cent than the previous year.

The discount day was a huge success in the West End last year, with a huge 1.1m shoppers flocking to the area, spending £110m throughout the day.

Steven Medway, managing director trading environment at New West End Company, said:

“We’re looking forward to welcoming visitors from across the UK and around the world to the West End this weekend as retailers in the district launch exclusive deals and discounts in-stores to mark Black Friday – the first key peak of the festive shopping season.”

“The day is expected to herald a record £115.5m turnover, up 5 per cent on last year, which will build on a strong second half of the year for West End retailers following a post-Brexit boom in spend from international tourists.”

“However, future challenges including further Brexit uncertainty and the prospect of business rates revaluation in April 2017, which will force West End businesses to pay an additional £125million a year in taxes, suggest a tough year ahead for retail trading.”