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Oxford Street Is Set To Become Traffic Free From Selfridges To Great Portland Street.
Economic fundamentals in the UK have proved more important than the Brexit vote, and while those fundamentals supported Britain’s retail boom last year, it looks like things are set to slow in 2017.
Rising employment, low interest rates and growing incomes pushed up retail in the UK in 2016 despite Britain’s uncertain future, the Guardian reports. Consumer spending boosted the UK's economy by 0.6% in Q3 and Q4 of 2016. But, ever since the holiday season’s strong results activity has fallen sharply.
From December to January UK retail sales fell 30% and the drop continued into January as rising food and oil prices slashed retail sales. While it is not yet possible to say definitively, many experts think the British retail party is over.
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