A 44% sales boost is forecast for retailers in London’s West End, generated by the Elizabeth line, a new railway running through the capital.
Turnover in the area is expected to increase to more than £13bn by 2021, rising from £9bn in 2017, according to research by engineering consultant Aru.
The bulk of sales increases is likely to occur in the three years after the first section of the new railway line opens in 2018.
Once completed in 2021, the line is expected to bring an additional 69.6 million visitors to the area, as a result of a 42% increase in entries and exits at central London stations Oxford Circus, Bond Street and Tottenham Court Road.
The report, commissioned by the New West End Company alongside the Fitzrovia Partnership and Heart of London Business Alliance, found that nearly 60% of people are likely to visit the West End more frequently once the line opens.
New West End Company chief executive Jace Tyrell said: “Over the coming months New West End Company will lead on the delivery of transformational projects across the district and be a key partner to Transport for London, the Mayor of London, Westminster City Council and London Borough of Camden as well as our local communities and commercial partners to ensure we provide safe, secure streets and the best possible conditions for growth.”
The Elizabeth Line, which is valued at £14.8bn, is thought to be the largest construction project in Europe.
When fully commissioned, stations in central London will host 24-hour trains per hour in both directions.
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