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Lack of tourism spells trouble for retailers, warns Harrods boss

Unions Accuse Harrods Of Keeping 75% Of Restaurant Staffs’ Tips

Harrods managing director has warned that UK retailers will not be saved by the V-shaped recovery economists are hoping for, due to travel restrictions over the coming years.

The number of Asian and American tourists visiting London in particular will not return to pre-coronavirus levels until 2022, he suggested in a conversation with London investors, Jefferies.

This will be caused by travel restrictions put in place by Asian governments and an American reluctance to travel abroad, Ward suggested.

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MetiNews reported that Ward described the department store’s current and future situation in bleak terms, saying that only 30% of its customers are British or European.

He also said that footfall is down 95%, from 80,000 daily visitors to around only 4,000.

Furthermore, he expects revenue to take a 45% hit this year. It will only do marginally better next year at 35%, he forecast.

This news comes after Harrods reported it would be implementing footfall monitoring technology at the beginning of June, in a bid to improve social distancing measures.

This was at its flagship Knightsbridge store. It also announced plans to open an outlet store in Shepherd’s Bush.

See below for more details:

Harrods to open outlet and invest in footfall monitoring tech to aid social distancing

 

 

Tags : coronavirusHarrodsMichael WardRetail
Sam Lewis

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