London economic times is resilient economic times
Businesses that are looking to establish a presence in a strong market have been pointed towards London.
According to the British Retail Consortium (BRC), the English capital has proved to be highly resilient even in the face of difficult economic circumstances. This, he said, means it is a popular destination for businesses, including those from other countries, to establish a presence.
As a result, more firms could be set to arrange a business money transfer to take on a commercial property space in London and capitalise on its strong fundamentals.
Richard Dodd, spokesman for the BRC, said the resilience of the market has proved to be particularly advantageous to companies in the retail sector, as they see this as an "extra attraction".
"London is always likely to be the first choice in Britain and certainly one of the top choices in the world for any international retailer who is looking to have a store or stores in the UK," he commented.
The market has already been talked up by CBRE in recent weeks, as it noted that London saw a "glut" in the number of commercial property sales at the end of last year, with foreign investors accounting for many of those making transactions.
However, Mr Dodd said the positive attributes of the city are reflected in its property values, as retail spaces in areas such as the West End and central London are well above the national average. He said this means firms have to either sell high-margin goods or attract a large number of customers to cover these costs.
Mr Dodd admitted that consumer spending in the UK is currently under "enormous pressure" due to difficult economic circumstances. Nevertheless, he said London is outperforming other parts of the country, as salaries in the city tend to be higher and it attracts plenty of overseas visitors who spend lots of money.