Thierry Andretta says trade in the capital, which includes stores on Bond Street and Regent Street, has plummeted as rich tourists from the US and the Arab states shop in Paris or other EU capitals instead.
Soaring rents and the most expensive business rates in the world are making life near impossible for retailers, he told the Standard.
Andretta said: "The UK, and London particularly, has not seen the level of recovery that other European countries and cities are enjoying due in part to the lack of tax-free shopping. We urge the Government to reconsider its position on tax-free shopping to help the UK compete with its European neighbours." Rich Brits are themselves choosing to shop abroad rather than in London, so they can reclaim VAT, he says.
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