London’s West End is forecast to achieve £10 billion turnover by 2025, despite recovery slowing over the next two years, according to our latest research report.
Now launched: West End Retail Turnover Forecast 2023
The new report follows one commissioned from Colliers in February 2022 to explore how the West End was recovering following the immediate impact of the pandemic. Our latest annual forecast shows that 2022 turnover was £8 billion – a 56% increase on 2021, but still 11% below 2019 levels – as spending continues to outperform footfall.
Members can click below to access our Insights Member Hub and view the full report. For those New West End Company members who are not yet signed up to our Insights Hub, please contact Artjom.Hatsaturjants@newwestend.com for access.
“Whilst the next two years will be more challenging than previously forecast in the face of rising costs across the board, the West End has continued to prove its resilience in 2022 and we are still on track to hit £10 billion turnover in two years. The influx of international visitors towards the end of last year was a welcome boost, but we must be aware that they are not returning at the same rate as destinations such as Paris and Milan, largely due to the offer of tax-free shopping on the continent. Welcoming back tax-free shopping and relaxing Sunday trading hours in the district would hugely amplify the value of every international visit to the West End and bring widespread benefits across the country. Today’s findings clearly show that we have an eager international audience with cash to spend waiting in the wings – we now simply have to ensure that we make the UK as attractive to them as possible.”
On Wednesday 1 March we hosted a webinar to launch the report, where we were joined by Paddy Gamble (Co-Head of Retail Strategy & Analytics at Colliers), who provided an in-depth analysis of the key findings. Click below to watch the full webinar.
“A year on from the full lifting of pandemic restrictions we have seen the London market continue to recover and serve the needs of the post pandemic consumer. Following on from two years of an online-first approach to retail, visitors are viewing shopping trips to the West End as more of an occasion, coming with a much greater intent to spend and tying in trips to restaurants and other experiences. At the same time, the return of international visitors has helped accelerate the recovery and push sales performance close to 2019 levels. The opening of the Elizabeth Line has really boosted accessibility, making it far easier for people to visit and plant their trips from across London and beyond.”