London’s West End is set to generate an extra 2.45 billion pounds a year in revenue after the launch of Crossrail, as new research predicts the rail scheme will attract additional visitors to the area.
The New West End Company (NWEC), which represents 600 businesses, said annual turnover for its retailers is predicted to hit 11.25 billion pounds by 2020, just two years after completion of the new high-speed rail link, compared with 8.8 billion pounds today.
The research reveals that the high-speed rail link, which will be completed in 2018, will boost Oxford Street to the lion’s share of consumer spend at 6.15 billion pounds, followed by Regent Street at 1.88 billion pounds, and Bond Street at 1.44 billion pounds, according to retail property consultancy Harper Dennis Hobbs who conducted the research for the NWEC.
The survey of 3,000 people also found that 47 percent would use Crossrail when it is fully operational and 33 percent said they would shop more regularly in the West End. The research predicts that the new Crossrail stations at Bond Street and Tottenham Court Road will lead to a jump in footfall of 20 percent and 14 percent respectively, with 150,000 to 220,000 passengers exiting every day from Bond Street alone.
Crossrail to boost West End revenue
Sir Peter Rogers, chairman of New West End Company, said: “There’s been a growing optimism throughout the West End as the opportunities that Crossrail presents have become clearer. This new research shows the sheer scale of the economic boost this remarkable project will bring to the 600 plus retailers that occupy the area.
“Importantly Crossrail will also allow for the reduction in traffic above ground and a new strategy to ensure Central London can meet air quality standards.”
Mayor of London, Boris Johnson, added: “This vital new railway is already proving a huge success for the UK economy, and the addition of new Crossrail stations at Bond Street and Tottenham Court Road will ultimately prove to be of huge benefit to the whole of the West End.
“By creating one of the capital’s busiest transport hubs, 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.”
The Crossrail route will run over 100km from Reading and Heathrow, under central London and to Shenfield and Abby Wood in the East, the launch is also predicted to extend the area’s current retail catchment area by 27.5 percent by improving access for shoppers.
Image: Crossrail Bond Street