Luxury retailers are opting to set up shop in Oxford Street and Bond Street in London’s West End, according to new data.
Data from CBRE shows that central London retail investment volumes increased 71% quarterly, totalling £424m in the second quarter 2024.
The report added that Bond Street “continues to draw high volumes of capital” with four deals completed in the second quarter.
Those deals account for “almost 60%” of total London retail investment volumes for the first half of the year.
CBRE executive director Phil Cann: “We continue to see strong investment for key central London locations, with Bond Street remaining a primary area of focus and in particular, luxury brands beelining for the middle of New Bond Street as they look to cement their physical position.
“With rental growth being realised in a number of locations, investor confidence continues to grow, and we expect full-year investment volumes to exceed last year.”
In Oxford Street, there have been 19 letting transactions in 2024 so far. There have also been 30 new entrants since the start of 2023 as well as six new brands, such as Future Stores and Manière de Voir, to the UK market.
Customers are also flocking to the West End as footfall grew year on year in all months throughout the second quarter, peaking in June, which was up 2.8% on last year.
CBRE head of UK retail Graham Barr added: “Off the back of a record year for leasing activity, there have been no signs of a slowdown so far this year.
“Despite the competitive pressures of online shopping, it is clear that consumers want a holistic, in-store shopping experience.
“The strong activity levels across the board and a robust development pipeline firmly puts London’s West End back on the international stage.”
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