Upmarket shoe brand Russell & Bromley enjoyed a step up in store sales last year as customers embraced their post-Covid "new-found freedom', but the chief executive said UK retail would benefit further from bringing back VAT-free shopping.
Andrew Bromley joins a host of bosses to express concerns about the 2021 loss of VAT-free shopping. The move has made purchases more expensive for international visitors.
He told the Evening Standard: "London is a global fashion attraction and we’re turning these visitors elsewhere as other cities offer more attractive shopping terms. The UK is losing out and has become uncompetitive by giving up tax free shopping."
The firm's UK and Ireland store arm, which has 34 branches, recorded a 55.3% hike in 2022 turnover to £44.9 million.
Bestsellers include Westminster loafers and premium trainers.
Pre-tax losses at the family owned and run business, which was founded in 1880, narrowed to a £4.5 million loss from a £5.1 million loss in a period that saw the business invest in tech and marketing.
The firm is keen to look at potential more stores in inner London 'village locations' to complement its traditional West End and City shops.
While digital shopping boomed during lockdowns a number of brands have seen more normal conditions return now, and Russell & Bromley said online sales slipped to £22.4 million from £24.2 million.
