London's West End to contribute £11bn to UK GDP by 2020
London's West End is set to become the first shopping district in the world to generate £11 billion annual turnover by 2020 according to New West End Company, the area’s business voice.
New West End Company’s figures show that the West End already generates £8.8 billion from an area of just six hectares. The organisation said the district will grow its sales even further when the new Elizabeth line opens at the end of 2018 and brings an estimated additional 60 million visits to the district each year on top of the current 200 million. It will also benefit from the completion of 2.5 million square feet of new and refurbished commercial development.
In the months following the Brexit vote, the weakened pound resulted in double digit growth for many retailers in the area as they enjoyed an uplift in tourist spend. New West End company said some £3.3 billion of the £8.8 billion annual sales generated in the area comes from international visitors. From January to October 2016, ASEAN countries represented 52% of all non-EU spend on Bond Street with most of the progression taking place in October. This tourist increase follows the highly successful Golden Week with sales up 300% year-on-year in September.
New West End Company has reported over 40 new store openings in the last 12 months including launches in Regent Street for Kate Spade, Michael Kors, Ralph Lauren and the re-opening of the Apple store. Meanwhile, Oxford Street welcomed Stradivarius, Timberland, Dyson and & Other Stories and Bond Street saw the opening of the renovated Christian Dior store and RIMOWA’s first concept store.
The chief executive of New West End Company, Jace Tyrrell, said: “The West End’s contribution to the UK’s overall economy is significant – a veritable ‘West End Powerhouse’ even when compared to other major players and countries. We are currently championing the Mayor of London, Sadiq Khan’s #LondonIsOpen campaign outside of the UK for the first time here at MIPIM Asia, to drive inward investment and keep open door policies to London’s West End. It is an exciting time for the area, and we are looking ahead to the next four years and what this will bring to the iconic retail destination.”
New West End Company represents more than 600 businesses in the area’s 25 streets which include Bond Street, Oxford Street and Regent Street.
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