New West End Company, the leading business voice for London’s West End retail heartland, confirmed that it is on track to be the first retail district in the world to generate €13.1bn (£11bn) annual turnover by 2020.
The West End already generates €11bn (£8.8bn GBP) in annual sales from its six hectares. Much of this is attributed to the recent openings of prime North American flagship stores, and waiting for the imminent completion of the new Elizabeth line (Crossrail), which is expected to open at the end of 2018. The opening of the Elizabeth line has also been a catalyst for 232,258m² of new and refurbished commercial development across the West End.
New West End Company represents more than 600 businesses behind the world’s largest retail destination across 25 streets, including the iconic Bond, Oxford and Regent Streets.
North American brands account for more than 15 of the 41 West End store openings in the last 12 months, confirming its position as a global destination for international flagship brands. Some of theme are: Kate Spade, Michael Kors, Polo Ralph Lauren, Coach, New Balance and Timberland.
London’s West End is a hot-spot for retail tourism with a substantial €4.9bn (£3.3bn) of the €11bn (£8.8bn) annual sales generated in the area coming from international visitors.
New West End Company’s aim is to drive the change to create a truly unique and inspirational West End experience, unlock barriers for economic growth, and further strengthen the commercial success of the area.
