Even retailers who spend their lives in stores can't resist the dollar advantage when they get to London.

Lord & Taylor senior executive Jerry Blum headed directly to Burberry, and found that many others had been there before him. So many, in fact, that the store was only taking orders on its classic trench coat -- for delivery four months hence. Apparently when the coats arrive in stock, customers gather them up by the armload for all their family members.

The Filofax agenda book is another hot item there, selling for less than half the American price tag. Sally-Ann Hardie, who sells 50 to 70 Filofax daily at Harrods, calls her customers "Filomaniacs." Some insist on seeing each book in each color to check the grain of the leather.

The Filofax also comes in lizard, if you are willing to wait 12 weeks for delivery. A lot of people are willing, including members of the rock group Abba.

Other smart buys in London at the moment: the supersize polo shirt by Paul Smith, at Paul Smith or at Jones on Kings Road . . . the brocade Nehru jackets, printed shirts and huge paisley scarves at Crolla . . . thick cotton sweaters and knit dresses at Joseph Tricot . . . silver jewelry and a quick lunch at Joseph pour la Maison . . . fantasy patterned hose at BOY and much, much more.