- Danielle Wightman-Stone |
London’s retail space is set to increase by almost eight million square feet, the equivalent of the city’s retail streets of Bond Street, Oxford Street and Regent Street combined, over the next five years.
According to figures released in CBRE’s latest ‘In Retail’ report, the additional eight million square feet of retail space is all currently under construction or has been granted planning permission across London in zones 1 and 2.
Almost three million square feet will be within three retail-only developments at Croydon, Westfield London and Brent Cross. They will account for 1.5 million, 698,000 and 592,000 square feet respectively.
The remaining five million square feet has been given permission to be built across 30 sites in the so-called ‘London Halo’ of zones 1 and 2. Developments range from retail as part of mixed-use schemes, such as at Earls Court, where shopping space will be built alongside residential schemes, and the office-led redevelopments at King’s Cross.
Hugh Radford, chairman Central London Retail at CBRE said: “London will see 100,000 new residents arriving every year with another 1 million forecast to want to live in the capital by 2025. These new Londoners will need places to eat and places to shop.
“Existing prime retail locations are bursting at the seams which means that confidence in the sector and its future potential has accelerated investment. This will mean London’s landscape is transformed over the next five years by the addition of more than five million square feet of new shopping space. It creates an incredible opportunity for the sector and London economy as a whole.”