Specialist retail agency HDH has unveiled new research on behalf of The New West End Company indicating that Crossrail will boost the West End by £2.45bn by 2020 as thousands more visitors pour into central London.
HDH conducted the research. Annual turnover for retailers in London’s West End is predicted to hit £11.25bn just two years after completion of the new high-speed rail link, compared with £8.8bn today.
Oxford Street will retain the lion’s share of consumer spending at £6.15bn, followed by Regent Street at £1.88bn, and Bond Street at £1.44bn.
Jonathan De Mello of HDH said the boost in revenue 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”.
The survey found that new Crossrail stations at Bond Street and Tottenham Court Road will lead to a jump in footfall of 20 per cent and 14 per cent respectively, with 150,000 to 220,000 passengers exiting every day from Bond Street alone. However, the extra choice of stations will also lead to 20 per cent fewer passengers using Oxford Circus, according to HDH, easing congestion around the busy thoroughfare.
Almost half (47 per cent) of the 3,000 people surveyed said they would use Crossrail while 41 per cent said less crowding would encourage them to visit the West End more frequently.