Is Bond Street to get a revamp?

Bond street, the epitome of British luxury retailers, may see itself getting a makeover. According to the Bond Street Association, many shoppers shun the area due to building works, traffic problems and poor street management. Retail rents on Bond

Street can cost as much as £950 per square foot, and is among the most sought-after street in the world with waiting lists for retailers to gain a foothold.

“If you walk down Bond Street, it hardly looks like the heart of luxury,” said Lord Dundas, chairman of the Bond Street Association, which represents the interest of dozens of retailers along the street and is campaigning for the area to be smartened up. “We’ve got the most wonderful stores internally, but when you walk outside it’s a different story,” he added.

Rubbish is left on the street outside for collection, while retailers fitting out new luxury stores have led to “unsightly scaffolding and tarpaulin flapping about”, Lord Dundas said. “We must improve the ambience of the street to keep up with luxury shopping areas worldwide.”

The association has commissioned Atkins, the architectural firm, to draw up plans to show how Bond Street would look without the clutter, as well as with wider pavements and the potential to pedestrianise sections of the street for specific events.

These will be presented to retailers and property owners from Bond Street and nearby Mount Street, Jermyn Street and Regent Street on Wednesday, before the issues are formally put to Westminster council.

The association is not expecting the council to fund the changes, but plans to approach the street’s 120 property owners and ask them to contribute.

“Bond Street has huge footfall, very high quality retailers and world-record rents, but it’s a bit scruffy,” said Mark Henderson, deputy chairman of luxury men’s outfitter Gieves & Hawkes. “The prime drivers ought to be the property owners.”

In the meantime, despite the street’s appearance, there appears to be no let-up in demand.

“Demand for central London property from luxury retailers has never been this strong,” said David Kenningham, executive director of retail at CB Richard Ellis. “Retailers are now paying substantial premiums to get the best space on Bond Street and the void rate is zero per cent. However, Bond Street doesn’t feel as great as it should be, and we do get that feedback from retailers.”

Images: Gucci Bond Street, Bond St W1
Source: FT©