British Retailers To Make £80M On Queen’s Jubilee Celebrations

UK retailers expect a significant increase in sales over the holiday weekend from 2 to 5 June to mark the 70th anniversary of Queen Elizabeth II on the throne. This is reported by WWD citing data from New West End, which represents 600 owners of shops, restaurants, hotels and properties in central London.

According to the New West End, sales over the weekend in honor of the platinum anniversary of the Queen’s reign could reach 80 million pounds. The celebrations, including the Flag Carrying Ceremony scheduled for June 2, will attract more than 2.6 million tourists to London from other parts of the country and abroad, according to the organisation.

According to Dee Corsi, head of the New West End Company, the growing sales at British retailers during this period will give a boost to the country’s tourism industry’s recovery from the pandemic. The boom in sales, as Corsi notes, « could spread to all high streets across the country ».

At the same time, Bloomberg Intelligence analysts earlier reported that the UK’s Queen Elizabeth II Jubilee celebrations could result in a contraction of the country’s economy. The weekend from 2 to 5 June, in their opinion, will lead to a 0.4% drop in the kingdom’s GDP by the end of the second quarter.

source: wwd.com

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