London’s ‘West End Powerhouse’ To Contribute £11B To UK GDP By 2020
London’s West End is on track to be the first retail district in the world to generate £11B annual income by 2020, according to new data published by The New West End Company. The upscale West End currently generates about £8.8B in annual sales, more gross value added than either the City of London or the entire country of Wales.
The Elizabeth line, which is due to open at the end of 2018, is expected to bring 60 million additional visitors to the shopping quarter each year, a 30% bump on the 200 million visitors welcomed annually. The opening of the Elizabeth line has also been the catalyst for 2.5M SF of new and refurbished commercial development across the district, due for completion by the end of 2018. The rail will run through the West End and bring Bond Street within half an hour of Heathrow Airport.
Over 40 new stores have opened their doors in the West End in the last 12 months. Regent Street has seen some significant openings this year, including Kate Spade, Michael Kors, Ralph Lauren and the reopening of the Apple store, with Lululemon and Coach opening their doors in the coming months. Oxford Street welcomed Stradivarius, Timberland, Dyson and & Other Stories, while Bond Street had a momentous year unveiling the renovated Christian Dior store that took four years to complete, along with RIMOWA’s first concept store, increasing the area’s enviable retail offering.
