London Luxury Quarter continues to grow

The London Luxury Quarter association, which represents the area of Mayfair, St James’s and Piccadilly, has issued its latest report showing that there has been “continued interest” in retail expansion in the area and in 2015 total sales reached 4.9 billion pounds.

According to the association's findings, in 2015, Piccadilly and the St James’s area saw a 5.1 percent increase in sales, compared with the annual retail average of 0.4 percent, while 22 percent of the space on Bond Street is now owned by the retailers, an increase of 28 percent over the last two years.

As this demand for retail space on Bond Street starts to outstrip the supply, the report has stated that brands are moving beyond the traditional boundaries to developing luxury quarters including Duke, Dover, Albemarle and Conduit Streets.

In 2015, London Luxury Quarter saw openings from Simone Rocha, Marni, Moncler and Alexander Wang, as well as the relocation of Dover Street Market, and the St. James’s development is nearing completion, following the Crown Estate’s 500 million pound investment programme. Once completed this year, St James’s Market will consist of 260,000 square foot of retail, office and restaurant space.

London Luxury Quarter total sales in 2015 reached 4.9 billion pounds

As well as retail grow, the area is also in demand with international visitors, attracting 18.8 million visitors each year, with the biggest spenders to the area coming from China and America, and the Middle East, with shoppers from this region now accounting for a third of the area's international sales. In 2015, the average spend by international shoppers was increased by 11 percent, compared with 2014.

London Luxury Quarter chairman, Mark Henderson said: "Attracting globally-minded, affluent visitors, residents and businesses seeking high-end offices with an exclusive address, London Luxury Quarter is now witnessing rising demand for space. Numerous development projects are under way to deliver increased office, retail and art gallery space.”

It’s no surprise that the area has been attracting interest from brands as well as sales growth, the London Luxury Quarter features more than 1,000 businesses housed on more than 65 streets and arcades, offering consumers physical access to more than 70 percent of the world’s top luxury brands.

Guy Grainger, UK chief executive officer of JLL, London, which conducted the report for the London Luxury Quarter, added: “Despite a slowing growth in the global digital market, thanks to its broad mixed use makeup and destination appeal, London Luxury Quarter remains the epitome of resilience.

“Consumers continue to flock to the Quarter’s unrivalled offer and heritage, and visitor numbers will be boosted further by positive demographic forces, improved connectivity and world-class developments.”

Image: London Luxury Quarter