London continues to attract luxury brands, with Oxford Street and Bond Street remaining prime locations.
- Oxford Street sees approximately half a million visitors daily, enhancing its appeal to retailers.
- Investment in Central London retail is up 71% compared to the previous quarter, totalling £424 million.
- Luxury brands are particularly drawn to New Bond Street, aiming to solidify their physical presence.
- Recent data shows an increase in store sizes and new brand entries on Oxford Street since the start of 2023.
Oxford Street, one of the world’s busiest shopping destinations, draws nearly half a million visitors each day, providing a bustling environment coveted by retailers. Such high foot traffic continues to affirm Oxford Street’s position as a key retail hub.
Recent figures indicate a 71% rise in investment volumes in Central London retail spaces, reaching £424 million in the second quarter of 2024. This surge signifies a robust confidence in the area’s retail potential.
Bond Street, specifically New Bond Street, has seen a significant focus from luxury brands eager to strengthen their physical foothold. According to CBRE, these transactions represent nearly 60% of London’s retail investments for the first half of the year.
This strong investment activity is further highlighted by the growth in rental values, which bolster investor confidence and are expected to lead to increased volumes surpassing the previous year’s totals.
Oxford Street has witnessed 19 leasing transactions in 2024, covering 170,000 square feet. Each retailer relocating has opted to expand their space, averaging a 195% increase in size, equating to an additional 8,751 square feet of floor area.
Additionally, the last 20 months have seen 30 new entrants, including six brands debuting in the UK market such as Future Stores, Manière de Voir, Activate, and Paris St Germain. This trend exemplifies a revival in the commitment to physical retail outlets.
Plans to refresh Oxford Street, spearheaded by New West End Company and Westminster City Council, are anticipated to boost sales significantly by 2033. Set to commence in autumn 2024, these enhancements include wider pavements and new trees.
London’s retail landscape is robust, with increasing investments and expanding retail spaces showcasing a vibrant market.
