Retail revenues to benefit from Crossrail spending

Retailers in London’s West End and the surrounding areas are set to benefit from a 10 million pound revenue spending boom within a year of the opening of the Crossrail in 2018, according to new research from New West End Company.

The New West End Company, the business voice of 600 businesses across Oxford Street, Bond Street and Regent Street, has revealed that major building projects with a combined gross development value of 2.5 billion pounds are set to capitalise on the arrival of the rail project.

The company is forecasting a significant uplift in shoppers and annual spend following Crossrail’s arrival and it is thought that the opening will also help place London ahead of any other European cities for retail in the world’s top global destination rankings.

Richard Dickinson, chief executive of New West End Company, 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.

“Each one of these planned developments will bring an unparalleled uplift to the area. Together they will combine to ensure that our iconic streets continue to represent the pinnacle of shopping and leisure destinations into the future as they have through their illustrious past.”

Jonathan De Mello, head of retail consultancy at property advisors Harper Dennis Hobbs, added: “London has an enviable public transport‎ network, and Crossrail will boost this further, with an estimated 200 million passengers journeys annually.

“Not only will this significantly improve ease of access and travel times into the West End, but it will also ease congestion on key tube lines into central London such as the Central and Piccadilly lines. This will make the West End an even more attractive place to shop.”