Retailers are flocking to the West End to capitalise on the development of Crossrail, which is expected to give a £1 billion boost to the area.
New openings this year will see Middle Eastern retailer The Toy Store open its first UK store in the West One Shopping Centre above Bond Street station, following fashion retailers Matalan, which opened on Oxford Street last week, and Simply Be, modelled by Kelly Brook, into the heart of London.
The New West End Company (NWEC), which represents 600 businesses said revenues for its retailers will hit £10 billion in three years’ time.
Turnover for this year is estimated to be in the region of £8.8 billion, according to data from retail property agent Harper Dennis Hobbs.
The NWEC said the windfall “will place London ahead of any other European city for retail and cement its place among the world’s top global destinations”.
A number of new buildings and public realm works totalling £2.5 billion are being developed to coincide with Crossrail. The projects are detailed in the NWEC’s Crossrail Lookbook.
NWEC chief executive Richard Dickinson said: “Crossrail has long been recognised as a game changer for the areas it touches, but the effect it has played in inspiring investment and innovation across the West End is staggering.”
Head of retail consultancy at Harper Dennis Hobbs, Jonathan De Mello added: “London already has an enviable public transport network, and Crossrail will boost this further, with an estimated 200 million passengers journeys annually.”
