London’s West End is set to rceive £250m of investment over the next three months as the capital basks in the “long afterglow” of the Olympics.
The West End has already seen 12 stores open in July alone as retailers raced to open before the Games, and over the next 100 days a further 50 will open their doors – a total of 300,000 sq ft. Of these, 14 will open on Bond Street, Oxford Street and Regent Street alone.
Executive director of property agent CBRE David Kenningham described this as “a significant number in a tight period”.
“The cost of retailers’ investment in the Oxford Street area is substantial – we have put it at £50m but I think that is quite light,” he said. “A lot of research predicts a long afterglow from the Olympics, but it’s boosted by the fact London is a fantastic city and people want to come here.”
Kenningham noted that retailers had focused energies on opening ahead of the Games, but said investment would continue medium to long term, thanks to other factors including the “game-changing” Crossrail development, growing tourism and the capital’s shelter from the recession.