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Big names including department stores Harrods and Harvey Nichols, Chelsea property manager Cadogan and The Lanesborough Hotel have joined forces with hundreds of retailers to urge Hunt to change the rules.
"We've heard from some brands that they're prioritising Paris for investment in stores," Steve Medway, CEO of the Knightsbridge and King's Road Partnerships, told Reuters in an interview at Harrods, before it opened for the day.
London losing pull for luxury shoppers - experts - Stock market news | MarketScreener
But major stores like Harrods fear tourists from the U.S., China and the Gulf could head for Paris and Milan instead.
Experts say high-end consumers have been drawn away from London as the European Union offers tax-free shopping that amounts to a big discount.
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Luxury retailers in London are concerned that the city is losing its pull as a shopping destination, with tourists… https://t.co/d0jg8gQlbW Reuters (from Around the world) Thu Mar 16 00:00:01 +0000 2023
London is in danger of losing its pull as a destination for luxury retail shopping as tourists from the U.S., China… https://t.co/wcXoEyx7Jt Reuters (from Around the world) Wed Mar 15 12:00:01 +0000 2023
London fears losing luxury shoppers to Paris and Milan https://t.co/GWbrSeCfb9 https://t.co/IWBVNiiJXe Reuters (from Around the world) Tue Mar 14 22:40:22 +0000 2023
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