Summary
•Retail sales in King’s Road remained stable from January 2022 to January 2023 and were down -10% compared to the same month in 2019. King’s Road’s sales performance remains the weakest on both the year-on-year and year-on-2019 basis of the four areas of Kensington & Chelsea.
•Average Revenue Per Customer (ARPC) fell by -1% on a year-on-year basis, while Marylebone and Sloane Square had a rise in ARPC.
•Customer numbers remained stable compared to January 2022, with customer numbers still down on a year-on-2019 basis.
• Of the five largest retail sectors, only Health & Beauty and Fashion show marginal sales growth compared to January 2022, both with growth of +22%. Health & Beauty also improved its year-on-2019 sales growth, with a +10% increase, however, Fashion was still down -3% compared to January 2019.
• Food & Drink, which makes up 26% of sales, performed weakly compared to January 2022 as they were down -10% . Grocery sales and Household sales were also down compared to January 2022 (-73% and -26% respectively).
• The share of sales to customers from Chelsea & Kensington decreased from 30% in January 2022 to 27% in January 2023. The same figures for Rest of GB were 31% and 33%. There was a substantial increase in the proportion of customers year-on-year from West London with an increase from 9% in January 2022 to 13% in January 2023
See the full report here.
