West End retail sees 250m pounds Olympic boostThursday, 26 July 2012
London's West End, arguably one of Europe's top shopping
meccas, will greatly benefit from the Olympics, as a 250m pounds investment in retail centres over the course of the games will boost the sector.
Known as the Olympic Afterglow, the West End has already seen countless of refurbishments and shopfront updates, including 12 new stores that opened in July. Over the next three months a further 50 boutiques will open their doors, totaling 300,000 square feet of retail space, reported Drapers. Of these, 14 will open on Bond Street, Oxford Street and Regent Street alone.
Executive director of property agent CBRE David Kenningham described this as “a significant number in a tight period”.
“The cost of retailers’ investment in the Oxford Street area is substantial – we have put it at 50m pounds but I think that is quite light,” he said. “A lot of research predicts a long afterglow from the Olympics, but it’s boosted by the fact London is a fantastic city and people want to come here.”
Kenningham noted that retailers had focused energies on opening ahead of the Games, but said investment would continue medium to long term, thanks to other factors including the “game-changing” Crossrail development, growing tourism and the capital’s shelter from the recession.