The opening of Crossrail is forecast to increase annual revenues in London’s West End by £2.45bn to £11.25bn by 2020.
The launch of the new rail line, which will include new stations at Tottenham Court Road and Bond Street, is expected to generate an additional £2.45bn a year for West End retailers, according to research conducted by Harper Dennis Hobbs and commissioned by the New West End Company.
That will help push annual retail turnover up to £11.25bn from the current level of £8.8bn.
The New West End Company, a body that represents businesses in the West End, has released the updated research having previously estimated in June that Crossrail will help West End retailers break the £10bn sales barrier.
Almost half (47%) of the 3,000 people surveyed said they would use Crossrail once it is fully operational and a third said they would shop more regularly in the West End as a result.
New West End Company chairman Sir Peter Rogers said: “There’s been a growing optimism throughout the West End as the opportunities that Crossrail presents have become clearer.
“This research shows the sheer scale of the economic boost this remarkable project will bring to the 600-plus retailers that occupy the area. Importantly Crossrail will also allow for the reduction in traffic above ground and a new strategy to ensure Central London can meet air quality standards.”
It is expected footfall will rise 20% around Bond Street and 14% near Tottenham Court Road as a result of the new stations.
Research forecasts the Crossrail stations will result in a 20% reduction of passengers at Oxford Circus Tube station, easing congestion around the area.
Harper Dennis Hobbs head of retail consultancy Jonathan De Mello said: “Crossrail will benefit the West End hugely once complete in terms of easing congestion around Oxford Circus Tube, and redistributing commuter traffic more equitably to Bond Street and Tottenham Court Road.”