London - Even though Bond Street may not be the most expensive shopping street in the world, one thing is for sure, it generates a heck of a lot of income. In fact, the New West End Company has confirmed that London's West End is on track to be the first retail district in the world to generate 11 billion pounds in annual turnover by the year 2020.
At the moment, London's West End, an area spanning six hectares, generates 8.8 billion pounds in sales - which is more than the gross value added of the city of London, or the whole of Wales. The New West End Company, who view London's West End as the world's leading retail destination, say the area is set to benefit from the opening of Crossrail at the end of 2018.
This move is expected to bring in an additional 60 million visitors to the area every year, which is a 30 percent increase on the 200 million visitors currently registered each year. In addition, the opening of the new Crossrail (Elizabeth line) has also acted as the catalyst for a 2.5 million square feet commercial development across London's West End, which is also set to be completed by the end of 2018, announced The New West End Company at M apic 2016, the international retail property convention.
"Our focus remains to champion the success of this extraordinary district – the largest retail destination anywhere in the world, and where capital investment meets world class retail," commented Chief Executive of New West End Company, Jace Tyrrell in a statement. "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...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."
The area continues to serve as one of the most prosperous environments in the world for retailers and investors alike. London's West End has seen over 40 new store openings over the last 12 months alone, including brands such as Kate Spade, Michael Kors, & Other Stories, Ralph Lauren and Stradivarius. The retail district also experience an unprecedented increase in sales and footfall in the months following Brexit, as the weakened pound led to double digit growth for many retailers.
Photos: Oxford Street, FashionUnited and New West End Company