Advertisement

Carnaby Street owner tells Sunak to resolve strike standoff

Brian Bickell - Geoff Pugh/The Telegraph
Brian Bickell - Geoff Pugh/The Telegraph

Rishi Sunak must resolve the standoff with striking rail unions, the owner of Carnaby Street has said, after footfall fell on key shopping days before Christmas.

Brian Bickell, chief executive of Shaftesbury which owns the London shopping area, urged the prime minister to “get all the strikes settled”.

While the company enjoyed a positive run-up to Christmas with turnover up by 42pc compared to the year before, when business was hammered due to the emergence of the Omnicron variant of Covid, Mr Bickell insisted “strikes can't go on”.

Shaftesbury also owns Chinatown, Seven Dials and parts of Covent Garden, Soho and Fitzrovia. The company relies heavily on local and oversea tourists visiting West End theatres, restaurants and shops.

Two weeks before Christmas, during the four days of rail strikes, high street footfall levels went from being 9.6pc lower than 2019 levels to dropping by more than double, 20.1pc, according to data from Springboard.

Ambulance strikes are also a concern for Shaftesbury as it has a high concentration of bars and clubs that attract young partygoers and it was particularly busy in the run up to the new year. Shaftesbury also said that the area's nightlife audience has returned on weekends.

Mr Bickell acknowledged that all parties need to come together to find a solution.

Meanwhile staffing remains an issue for the company as restaurants continue to suffer from labour shortages. Mr Bickell said restaurants in Carnaby Street have managed this by having minimal staff during quieter hours.

The West End has however remained resilient during the cost-of-living crisis. Mr Bicklell said: “This strong performance is in stark contrast to the more subdued spending and consumer confidence reported nationally.”

Last year, Shaftesbury announced plans to merge with the owner of Covent Garden Capco. This merger is expected to complete at the end of February and is currently in the process of being assessed by the Competitions and Markets Authority.