The delays of opening Bond Street on the new Elizabeth Line have finally come to an end, with the Crossrail officially open for business today.
Joanna Lea, Director of Retail at Grosvenor Property UK, comments: “Today’s opening of Crossrail at Bond Street is welcome news for the West End and will provide a significant boost for the retail and hospitality sectors, especially during this crucial period in the run up to Christmas. The improved connectivity for visitors, combined with our South Molton Triangle project set to create a new retail, restaurant and leisure destination directly opposite its western entrance, marks a significant moment for Mayfair, which is undergoing an exciting transformation that will further enhance its status as a destination of international significance.”
Back in 2016 the “Crossrail Effect” was estimated to drive a 27.8 percent increase in West End retail sales, predicting revenue of 11.3bn pounds by 2020 due to its additional 60 million visits each year. The pandemic and Brexit upended these estimates, but major infrastructure developments, retail investments and planning permissions along the line are already boosting London's retail industry.
Tom Knight, Portfolio Director at The Portman Estate says: “The much anticipated opening of Crossrail, with its estimated 140,000 daily passengers, is welcome news for Oxford Street, Marylebone and the West End. This cutting edge addition to Bond Street station will open up access to the West End for hundreds of thousands of visitors to London, connecting the district to hubs and places such as Heathrow and Reading. Significant cuts to journey times for local, domestic and international visitors will greatly boost the numbers of shoppers in Marylebone, positively impacting levels of footfall throughout our streets. The Elizabeth Line will be key in our push to drive retail recovery across Marylebone and the wider West End.”