Member Article

Crossrail: West End to see £2.5bn turnover boost by 2020

The introduction of Crossrail will bring a £2.45bn economic boost to the West End of London by 2020, according to new research carried out by retail property consultancy Harper Dennis Hobbs for the The New West End Company (NWEC).

The NWEC said annual turnover for its retailers is set to hit £11.25bn just two years after completion of the new high-speed rail project. The organisation’s 600 businesses saw turnover hit £8.8bn this year.

Remaining in pole position for consumer spending, Oxford Street will see £6.15bn, followed by Regent Street at £1.88bn, and Bond Street at £1.44bn.

The research found that new Crossrail stations at Bond Street and Tottenham Court Road will footfall increasing 20 per cent and 14 per cent respectively.

Jonathan De Mello, head of retail consultancy at HDH, said the boost will put the West End “a considerable way ahead of other global retail hubs such as New York, Paris and Hong Kong; cementing its position as the world’s pre-eminent retail centre”.

London Mayor Boris Johnson said: “Crossrail is going to make this hugely popular district even more attractive area to businesses and shoppers, which is good news for the capital and beyond.”

This was posted in Bdaily's Members' News section by Ellen Forster .