TOP TOWNS RANKING 1

Key Facts

Total floorspace: 6.6 million sq ft (610,410 sq m)

Missing retailers in London’s West End: Early Learning Centre, Envy, Republic, USC, JJB Sports, TK Maxx, Scholl, Free Spirit, Soletrader, Bank, Lakeland, Peacocks

Top five under-sized retailers in London’s West End: John Lewis (-26,077 sq ft), Debenhams (-17,594 sq m), Fenwick (-16,167 sq ft), Waitrose (-14,883 sq ft), Somerfield (-10,230 sq ft)

Top five centres that share the West End’s total catchment: Brent Cross (4 per cent), Kingston upon Thames (3 per cent), Wood Green (3 per cent), Croydon (2 per cent), Knightsbridge (2 per cent)

Area of highest rental growth over the past five years: Regent Street (7.7 per cent)

Average rental growth over the past five years: 3.5 per cent

Latest deals: by the end of October, more than 100 retailers are set to sign to the much-vaunted Westfield London scheme at White City. The latest to snap up units at the giant development are Diesel, Jaeger and Hugo Boss

Footfall index: January 2006, 100; July 2007, 119

Source: Experian/rental data from Churston Heard

There has been an incredibly high turnover of retailers in London’s West End over the past year. Many international fashion brands are eyeing both Oxford Street and Regent Street, while Bond Street continues to pick up exclusive designer brands.

Oxford Street’s major highlight this year was the opening of Primark in the former Allders building at the east end of the street. On the day the store opened, the New West End Company reported an 87 per cent increase in footfall on the street.

The west end of the thoroughfare will further improve with Land Securities’ development at Park House, which will create new space for retailers such as H&M. Department stores Bhs, Selfridges and John Lewis have all shown commitment to the street through store refurbishments.

In addition, the Waterstone’s flagship on the west side of Oxford Circus has closed and will reopen as a flagship for fashion brand Uniqlo. Waterstone’s has taken a smaller unit opposite Selfridges.

At the east end of the street, Zara has opened a store next to sister brand Bershka. Uniqlo has also taken another store at this side, opposite Marks & Spencer, and Danish brand Bik Bok has opened next door to New Look. Meanwhile, footwear retailer Shellys has vacated its flagship store at Oxford Circus and lingerie retailer Calzedonia will open in its place.

The tatty eastern side of Oxford Street remains a problem, although Westminster Council has launched a draft plan to transform the West End’s shopping streets. The Oxford, Regent and Bond Street Action Plan includes broadening the pavements and reducing traffic by re-routing some bus routes ahead of 2012.

The pace of change on Regent Street has been exhilarating over the past couple of years thanks to the management of the Crown Estate. New retailers, such as H&M sister brand Cos and Desigual, have opened and others, including National Geographic, Banana Republic and Nokia, are due to open early next year.

CBRE director David Kenningham says: “The West End is flying at the moment and the interest from international retailers just shows that it is a great shopper destination. It is difficult to find the right space in the West End, but once something becomes available, there is lots of interest from UK and international retailers.”

Meanwhile, Westfield is ploughing ahead with its Westfield London scheme at White City. The£1.6 billion investment is due to open late next year and there has been much hype around the fact that it will pull in retailers to rival both Regent Street and Bond Street.

Anchors Marks & Spencer, Debenhams, House of Fraser, Waitrose and Next are signed up and there are 265 further stores to fill. Part of the scheme will be an area dedicated to upmarket and luxury retailers, with Louis Vuitton the first
to snap up a space.

Westfield leasing director David Slade says it is close to announcing a host of other retailers that have signed to the development, but just need final sign-off. “We’ve had names above doors for a long time, but retailers don’t sign until much closer to the opening date these days,” he says.

Demographics

Population 13.4 million

Total retail spend£60.75 billion

Weighted shopper population 1.5 million

Index of population with internet access 109

Cars per household 0.78

Annual gross Household income£38,695

Most over-represented occupation Professional

Most over-represented age band 25-34

Source: Experian

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