Thousands of tourists who used to come to Britain for tax-free shopping are now visiting stores in Paris, Milan and Madrid after the UK scrapped the incentive in the wake of Brexit.
France and Italy are benefiting the most, attracting more than two-thirds of these travellers, with Spain’s retail sector also getting a boost.“The continued absence of a tax-free scheme is certainly impacting international sales at Selfridges,” said Andrew Keith, chief executive officer of the chain of upmarket UK department stores.
With a national election due later this year, some luxury retailers have given up on any prospect of a change of tack.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cape Town set for record cruise tourist seasonIndustry injected an estimated R1.2bn into the Western Cape economy in the last financial year, with around 90 000 passengers and 38 000 crew members expected to step ashore in the current year.
Source: Moneyweb - 🏆 5. / 77 Read more »
Source: brieflyza - 🏆 10. / 68 Read more »