Londons West End set for a Crossrail spending boom
Retail revenues in Londons West End are forecast to hit £10 billion within a year of the opening of Crossrail in 2018.
New West End Company, the organisation which represents 600 businesses across Oxford Street, Bond Street and Regent Street, has revealed that major building projects with a combined gross development value of £2.5 billion are set to capitalise on the arrival of the rail project.
Richard Dickinson, chief executive of New West End Company, said: “Crossrail has long been recognised as a game changer for the areas it touches, but the effect it has played in inspiring investment and innovation across the West End is staggering.
“Each one of these planned developments will bring an unparalleled uplift to the area. Together they will combine to ensure that our iconic streets continue to represent the pinnacle of shopping and leisure destinations into the future as they have through their illustrious past.”
New West End Company says retailers are looking to benefit from a significant uplift in shoppers and annual spend following Crossrail's arrival.
Dubai-based retailer The Toy Store is set to make the West End its European base, having identified the significant potential.
Mark Handley, The Toy Store’s group commercial director, said: “The first location for The Toy Store outside of the Middle East was very important to us, as we wanted to be taken seriously as an international retailer. Oxford Street gives us that statement and puts us on the map.”
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