London has experienced sales growth of 14.4 per cent in June, its highest rate of growth since 2006, while Northern firms fared less well.
According to Retail Week, TV sales saw the strongest growth, boosted by the World Cup, while the weak pound attracted a glut of foreign shoppers.
The British Retail Consortium’s director general Stephen Robertson praised the development: “These are impressive results – the strongest London sales growth since October 2006. The heat and sports events meant fewer people were out shopping in central London, but they were spending more per visit.”
However, the results stand in contrast with Scotland, which saw a rising proportion of business failures throughout June.
According to Microscope, Scotland was the only UK region to see a year-on-year rise in business insolvencies, from 73 to 98. Although London actually saw a higher number of insolvencies, proportionally it actually improved.
Overall, 1,771 business entered insolvency during June, a 13.4 per cent drop on the same period last year.