The first 100 days of any politician's tenure are generally taken as a canary in the coal mine for how their administration will or will not perform, as well as allowing for some direction setting and signalling of focus and ambition.
Whether London was destined to have a new mayor - or, as it turns out, the same mayor with a fresh mandate, the time to act is now in terms of stemming the exodus of retailers from London’s high streets and reinvigorating London’s credentials as a thriving, world-class shopping destination.
As the founder of a British tailoring business that has come close, at times, to unravelling on the bumpy road to post-pandemic recovery, the news that 10,000 shops closed across the UK last year, resulting in almost 120,000 job losses, according to the Centre for Retail Research, paints a pretty bleak picture.
Big Four firm PwC also suggests that a number of retail businesses have collapsed due to “one off failures, restructurings or administrations”. They hope, as do I, for a sunnier outlook in 2024.
There is, I believe, a glimmer of light on the horizon. I’m not hanging up my tape measure just yet.
Closer to home, for instance, we have just opened the 45th Charles Tyrwhitt store. It is on Regent Street, and it is our eighth - and largest – new store in the past 12 months. Regent Street, in particular, has a sense that it is fast-becoming the jewel in the crown.
So, might the worst be over?
This retailer certainly hopes so.
How can Sadiq Khan, in his first 100 days back in City Hall, turn hope into action?
The answer is not to “appoint that Charlie Twitt chap” as London’s Retail Czar! Nor is it plant pots and pop ups.
The answers lie in hard truths, real action, and smart policy to tackle the Three T’s: transport, tourism and theft.
Khan needs to reassure shoppers that “London wants them” and is still a world class, exciting City and centre of commerce. Top priority must be getting more people into London, more frequently, and making it easier - and cheaper - for them to do so. Not just tourists but hybrid workers, commuters and families from around the M25, and across the UK.
One idea might be to work with high street retailers and rail operators on attractive promotions to get people into London - a “Retail Railcard”, perhaps, where fares are subsidised by partnership between City Hall, rail operators and businesses.
Accessibility is an important consideration – in terms of pedestrianisation and transport. Estimates suggest that high streets miss out on more than £267 million per month due to lack of accessibility.
Tackling crime to reassure shoppers, retailers and deter criminals – organised and otherwise - is critical. With the Met only attending less than half of shoplifting incidents and a 123% increase in mobile phone thefts, reticence to come out of the Shires and into the Smoke is rather understandable.
Moreover, harsh penalties must be pushed for by City Hall to government and the courts to protect shop workers from rising abuse and assault and to deter the kind of social media-fuelled criminality that saw nine arrested last year for instigating a mass shoplifting rampage on Oxford Street.
Last, but certainly not least, a personal plea. He should immediately close the awful, almost certainly dodgy – candy and trinket shops that are blighting London’s premium shopping locations like Oxford Street to make room for honest, hardworking, brands and businesses that will attract - not repel - shoppers.
Perhaps then we will all enjoy a sweeter future for shopping in London.
Nick Wheeler is Founder and Chairman of Charles Tyrwhitt
