Spending on the east end of London’s famous shopping destination Oxford Street is set to increase 58% to £1.2bn by 2016 as a result of the redevelopment of the area, including the new Crossrail link and new stores planned by retailers such as Primark.
According to research from property consultancy CB Richard Ellis, footfall is set increase 140% in the next five years.
More than £1bn of private and public sector investment is being ploughed into the rejuvenation of the east end of Oxford Street. Investors include landlords Frogmore, Great Portland Estates, Land Securities Group and Derwent London.
The area is being rejuvenated with the aim of increasing shopper spend. Last year the New West End Company unveiled its 2020 Vision to drive the area forward as an “unparalleled destination for retail tourism, investment and leisure” with a reduction in traffic and an improvement in the design, layout and operation of the area.
New West End Company chairman Dame Judith Mayhew Jonas said: “After decades of decline, and years of campaigning for the improvement of the area, East Oxford Street is set for a major revival.
“The much-needed boost to the public realm, complemented by over £600m in private sector investments, will re-energise the area and join up the offer at both ends of Oxford Street, cementing the West End’s global destination status.”
Westminster City Council has already committed to invest in the project, while Transport for London is spending £1bn to create two new Crossrail stations and tube upgrades at Tottenham Court Road and Bond Street stations.