New report shows London's West End contributed £51.25bn to UK economy last year
JLL has revealed that the West End of London, the city's main shopping and entertainment area, contributed £51.25bn to the UK economy last year. It also saw record sales of over £11bn.Tthe West End covers 109 streets and 254 flagship stores, attracting 390 million visitors per year.
More than 80 new stores opened in the area in 2014, including Victoria Beckham, Hunter, Aquascutum and Watches of Switzerland. There is currently a lot of investment in the area ahead of Crossrail's opening in 2018.
Food and drink sales in the area were up 9.1% and theatre ticket sales were up 6.5% year-on-year.
Guy Grainger, CEO, JLL UK commented: "The West End's connectivity and public realm will benefit hugely from the arrival of Crossrail in 2018 as well as ongoing inward investment and redevelopment. This is in the context of London already being the largest city economy in Europe in GDP terms and with the prediction that continued economic recovery will further drive domestic and international footfall."
"Innovation in local government financing is required to secure vital investment in public realm project, infrastructure and place management. Continuous dynamism and proactivity is required to ensure that the West End always remains relevant and stays as the leading visitor destination and investment hub," he ended.
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