Retailers in London’s West End are looking forward to one of the biggest transformations the district has ever seen as work starts on the new Elizabeth Line.

With the line due to open one year from now, Bond Street, Oxford Street and Regent Street are preparing to welcome an estimated 60 million new visits each year.

The West End is already one of the world’s top shopping, entertainment and commercial centres, attracting over 200 million visits a year and generating more than £9bn in annual retail sales.

Now this £15bn new railway line, which links Heathrow and Reading to Shenfield and Abbey Wood through the centre of London, has been the catalyst for dramatic improvements to some of London’s most famous streets.

Change is afoot

Last month witnessed the completion of one major project and the start of another.

The opening of the £300m refurbished Bond Street Tube station provides bigger ticket halls and step-free access for travellers.

The consultation for the transformation of Oxford Street, launched by Transport for London and Westminster City Council, proposes the first stage of a traffic-free Oxford Street from Oxford Circus to Selfridges.

“Over the next few years the traffic-free sections are planned to be extended all the way from Tottenham Court Road to Marble Arch, subject to consultation”

This will be completed in time for next year’s Elizabeth Line opening.

Over the next few years the traffic-free sections are planned to be extended all the way from Tottenham Court Road to Marble Arch, subject to consultation.

Nearby Bond Street is halfway through a £10m scheme to create a new public realm that complements the quality of the shops and galleries in the heart of London’s Luxury Quarter.

On Regent Street, The Crown Estate’s billion-pound regeneration has retained and enhanced the historic grandeur of this iconic street while creating over two million square feet of modern retail and commercial space.

How is it impacting retailers?

This investment is paying dividends.

Already this year we have seen 65 new stores opening in the West End, compared with 52 in the whole of 2016.

Microsoft will soon be opening its first European store on Regent Street. But, just as importantly, the many attractions of the West End draw offices from the growing creative, tech and finance industries, such as Facebook’s new UK headquarters, which in turn provide more customers for our shops.

The opening of the Elizabeth Line is expected to add £1bn in West End retail sales each year.

This, combined with the increase in international tourist spend, taking advantage of the weaker pound following the referendum, provides a counterbalance to the post-Brexit concerns that worry many retailers.

“We need to seize this opportunity to grow the district in ways that meet evolving customer expectations if we are to compete with other world retail districts and the growth of internet shopping”

But it’s not just traffic management and public realm improvements that are being driven by the new Elizabeth Line.

We need to seize this opportunity to grow the district in ways that meet evolving customer expectations if we are to compete with other world retail districts and the growth of internet shopping.

New West End Company’s business study ‘The Future of the Oxford Street District’ looks to businesses and the public sector to provide the practical changes that will help secure the international standing of the West End.

Together we need to broaden the experience for visitors to the West End.

We need a cultural strategy for the district and a more vibrant evening economy.

We need to make better use of side streets to create new attractions that complement the flagship and department stores on the major shopping streets.

These are exciting times for the West End.

Despite the uncertain political and economic times ahead, we are confident that this combination of massive investment and an ambitious vision will secure the West End’s global standing and continue its role as a major driver of the UK economy.

  • Jace Tyrrell is chief executive at New West End Company