Watches of Switzerland UK sales impacted by ‘minimal return’ of tourist spending
Retail Gazette
MAY 16, 2024
The retailer noted the impact of the tourist tax, highlighting that UK performance continues to be driven by “domestic clientele with minimal return of tourist spending due to the lack of VAT free shopping”. Sales in the US grew 6% to £846m, but sales in the UK and Europe dropped 5% to £846m “impacted by macroeconomic conditions in the UK”.
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