London’s retailers eagerly awaited customers this morning as the UK finally unlocked non-essential retail for the first time in months. In what PM Boris Johnson said would be an “irreversible” unlocking of the economy, retailers have been planning for a surge with pent-up demand from Londoners eager to splash out.
With British savers sitting on more than £100 billion in cash, there’s optimism that demand will help retailers recover from lost sales.
Retail analysts will be looking for footfall numbers over the coming days to determine the level of demand, while pubs are already seeing record bookings for people looking to enjoy their first pint of the spring.
Shoppers have also been queuing since the early hours in front of Selfridges and Primark, among the high street brands hoping for a revival. As people get a taste of freedom down at the pubs as well, overall spending is forecast to rise, helping to further fuel an economic recovery.
With business optimism also at a record high in Deloitte’s latest survey, there’s reason to celebrate as the capital accounts for more than 30% of UK GDP.