The opening of Olympics shopping centre Westfield Stratford will have a limited effect on London’s West End a study has found.
Sales in the West End to local shoppers are likely to fall by 6% at most following the opening of Stratford in Autumn next year research by property firm Jones Lang LaSalle for the New West End Company found.
The likely impact on the West End is based on ‘gravity model’ assumptions, which are based on considerations such as the retailer line-up and square footage.
The report suggests that Westfield Stratford will have more of a mass market appeal, rather than the high end retail mix of Bond Street which also draws a large number of high spending tourists.
The retail impact of Stratford is expected higher on retail centres closer than the West End.
The study also assesses the impact that the opening of Westfield London in White City has had on the West End. Retail sales rose in London by 6.5% between Jan 2009 and Sept 2010, indicating that the opening of Westfield London is complementing the retail offer in the West End.