Arrival of HS2 and Crossrail could mean £1.4bn boost for West End retailers
London’s West End could enjoy £1.4bn more in sales when two of the country’s biggest transport infrastructure projects, HS2 and Crossrail, start operating, according to a leading retail analyst.
Research from independent retail real estate consultancy Harper Dennis Hobbs has suggested that Crossrail 1, which is expected to be fully operational by 2019, will contribute to a 6.3% increase in high street spending in the area.
HS2, which is due to open in 2026, will generate a further £33 million per year, the study said. The West End could benefit even further if Crossrail 2 is given the go-ahead, contributing an additional 4.5% after 2033.
“While West End retailers may not have experienced the same challenges as other major UK high streets, this research is welcome news to business owners who are concerned about the future of retail, in particular, the continued onslaught of online shopping,” said Jonathan De Mello, director at Harper Dennis Hobbs.
“The completion of Crossrail 1 is now on the horizon, reducing journey times by around 30 per cent and increasing the catchment area to open up an extra £800 million of retail spend.”
The railway line will reduce journey times to Bond Street and Tottenham Court Road, transforming the two Central London stations into major transport hubs. Tottenham Court Road is expected to welcome more than 200,000 passengers passing through the station when the service commences in December.
For retailers in the area, this will mean higher footfall and the opportunity to reach new consumers.
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