Legendary retailer and designer Sir Paul Smith’s London stores have experienced a sales surge from European shoppers taking advantage of the strength of the euro.

Like-for-like sales growth at the retailer’s 17 UK company-owned stores – eight of which are in the capital – is running at about 6 per cent.

In an exclusive interview with Retail Week, Smith said: “Our London shops have never been busier. Because of the high euro, French, Italian and Spanish tourists are able to buy products almost 20 per cent cheaper than they were a year ago.”

In the year to June 30, he hopes total sales across the group will be up in excess of 10 per cent on last year, when a turnover of£117.2 million generated pre-tax profits of£13.4 million.

Other central London retailers have also achieved increased footfall and sales from Continental shoppers. A BRC spokesman said the strength of the euro was “bringing more people over from western Europe and they are spending more”. But he warned that the weak yen and dollar may limit the upside resulting from euro spending.

In his interview, Smith also hit out at the homogeneity of the high street and criticised the attitudes of landlords.

For the full interview with Paul Smith, click here.

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