Olympics slow John Lewis sales rise
Department store John Lewis offered evidence that an anticipated Olympic boost to retailers has fallen at the first hurdle as it revealed a slowdown in London sales.The employee-owned group, which is an Olympic sponsor, said sales in its flagship Oxford Street store dropped 8.7% in the week to July 28, compared with a 4.8% fall in the previous week, according to the weekly figures.
The Peter Jones store in Sloane Square saw sales fall 10.3%, compared with 0.1% growth the previous week, and Brent Cross reported a 7% decline, against 0.3% growth, while the Kingston store, which featured on the road cycling route, reported a 13.1% drop.
While the group admitted the opening of the Olympics on July 27 and a spell of hot weather had hit overall performance, sales across all stores grew by 6.2% in the period.
High street giant Next earlier this week warned its London stores will "suffer" at the hands of the Olympics, but this was broadly expected as tourists come to watch the event, rather than shop, and Londoners keep away in a bid to avoid congestion.
There were no figures for the group's new Stratford City store, which is immediately adjacent to the Olympic Park, but the "greatest show on earth" did provide some lift for stores, as customers snapped up London 2012 merchandise and sportswear in the run up to the event.
Andy Street, managing director at John Lewis, said: "We're on course to sell huge quantities of London 2012 merchandise this week, and will I'm sure benefit indirectly from our small part in the Games, a remarkable achievement for our country."
Fashion sales were up 2.8% in the period, particularly in menswear, boosted by the warmer weather, while home sales declined by 1.8% in the week.
The week marks the end of the group's first half, in which sales grew 12.9%, outperforming a slow market.
Fashion was up 7% in the half, despite the wet weather, driven by nursery and babywear, as well as accessories and beauty products, and the chain's website saw sales leap 40% in the first 26 weeks of the year.
There were no figures for the group's new Stratford City store, which is immediately adjacent to the Olympic Park, but the "greatest show on earth" did provide some lift for stores, as customers snapped up London 2012 merchandise and sportswear in the run up to the event.
Andy Street, managing director at John Lewis, said: "We're on course to sell huge quantities of London 2012 merchandise this week, and will I'm sure benefit indirectly from our small part in the Games, a remarkable achievement for our country."
Fashion sales were up 2.8% in the period, particularly in menswear, boosted by the warmer weather, while home sales declined by 1.8% in the week.
The week marks the end of the group's first half, in which sales grew 12.9%, outperforming a slow market.
Fashion was up 7% in the half, despite the wet weather, driven by nursery and babywear, as well as accessories and beauty products, and the chain's website saw sales leap 40% in the first 26 weeks of the year.
© 2013 Press Association