Excitement is building in London’s prestigious Knightsbridge as the neighborhood gears up for a festive season set to break footfall records, surpassing levels seen before the global pandemic. The Knightsbridge Partnership, representing local businesses, is optimistic about a significant uptick in overall spending during this holiday season.
Known for its array of luxury stores, flagship outlets, and iconic department stores such as Harrods and Harvey Nichols, Knightsbridge experienced a robust monthly average footfall increase of 27.7% from January to October compared to the same period in 2022. While November and December are expected to show a more moderate year-on-year increase of 2.8% and 3.3%, respectively, they are projected to outperform with growth exceeding 20% and 55%, respectively, compared to the same months in 2019.
Despite a 7.4% dip in transaction values for the first ten months of the year compared to 2022 figures (still rising over 20% compared to 2019), the district remains resilient. The impact of inflation, though present, hasn’t significantly deterred shoppers.
Diane Wehrle, founder of Rendle Intelligence and Insights, suggests that the notable footfall increases could translate into substantial double-digit growth in transaction values. She describes Knightsbridge as being «in a very positive trading position for this Christmas.»
CEO of the Knightsbridge Partnership, Steven Medway, acknowledges the return of high-spending international shoppers this year, likely influenced by a weaker pound compared to pre-pandemic years. While celebrating the recovery, he emphasizes the importance of reinstating tax-free shopping to further enhance the neighborhood’s allure to tourists.
