Issuu on Google+

CENTRAL LONDON RETAIL BULLETIN all the latest from nash bond & fsp

JANUARY 2014

IN SHORT • West End posts 10% year-on-year sales rise – retail sales in London’s West End rose by 10 per cent year-on-year in December as “resilient” trading in Oxford, Regent and Bond St outstripped the rest of the UK • Westfield London records consistent sales growth over first five years of trading – it has attracted over 130 million customers, generated more than £4bn in retail sales and created 8,000 new jobs for London • Capital & Counties to extend Covent Garden retail – there is resolution to grant planning consent for its proposals to transform the space between King Street and Floral Street within the Covent Garden estate. The 90,000-sq ft scheme will create a new pedestrian passageway connecting Long Acre and King Street, a new public courtyard and new retail, restaurant and residential space • Click & collect set for Tube stations – TfL has confirmed it is in talks to providers of click & collect services with the aim of providing them at London Underground stations • Debenhams kicks off Oxford Street refurbishment – the department store chain has kicked off a £25m refurbishment project of its flagship store on London’s Oxford Street. The redevelopment will see an additional 20,000 sq ft of space added to the trading floor, which will be used to house a new space for niche brands and a revamped fragrance hall

ZONE A MOVEMENTS THE MAJOR STREETS WEST END

2013 Q4

BOND STREET*

£1300

OXFORD STREET*

3 MNTHS

10 YRS 217.1%

£775

47.6%

72.2%

REGENT STREET*

£650

36.8%

132.1%

KENSINGTON HIGH ST*

£280

1.8%

12.0%

PICCADILLY*

£300

66.7%

114.3%

CARNABY STREET

£475

5.6%

61.0%

163.9%

COV GARDEN JAMES ST

£725

2.1%

38.1%

59.9%

HIGH HOLBORN

£250

16.3%

66.7%

CHEAPSIDE

£275

25.0%

22.2%

25.0%

BISHOPSGATE

£275

10.0%

17.0%

61.8%

SLOANE STREET

£825

65.0%

111.5%

KINGS ROAD

£425

6.3%

51.8%

BROMPTON ROAD

£600

14.3%

17.6%

JERMYN STREET

£285

54.1%

185.0%

12.0%

6.3%

8.3%

5 YRS 92.6%

*30 ft zones

8.3%

1 YR

30.2%

6.3%

Source:NashBond

www.nashbond.co.uk

www.fspretail.com


RETAIL BURN Critical analysis by FSP of the news about retailers

Source: FSP

RETAILERS IN LONDON OPENING

CLOSING

RETAIL NEWS INDEX FSP’s Retail News Indicator tracks the sentiment of news about Central London retailers.

RETAIL NEWS INDEX UP TO DECEMBER 2013 000’s 120

The good news stories from the Food & Beverage sector were in marked contrast to not only Clothing & Footwear, but the general sentiment in Central London and across the UK. Overall, however, the news about retailers in Central London is much more positive than news across the UK.

115

110 105

100

95

90

c

De

ALL UK

C&F

F&B

ALL LONDON

11 12 12 r 12 r 12 y 12 12 l 12 12 t 12 t 12 v 12 12 13 13 r 13 r 13 y 13 13 l 13 13 t 13 t 13 v 13 13 c c n u n n u n b b g g Ja Fe Ma Ap Ma Ju J Au Sep Oc No De Ja Fe Ma Ap Ma Ju J Au Sep Oc No De

Source : FSP

www.nashbond.co.uk

www.fspretail.com


THE KNOWLEDGE FSP continuously undertakes research on customers and retailing in the West End. From this research the adjacent chart compares the shopper spend in key streets

LONDON WEST END - SHOPPER SPEND 2,500 555 2,000

FSP estimates that annual Non-Food retail expenditure in the West End is worth more than £12bn. This is 350 times larger than expenditure in Birmingham, the largest provincial city in the UK

334 1,500

332 220

542

500

183

1,055

1,556

19

Expenditure in London is divided between 3 main shopping groups:

20

380 180

881

794

612

608

Bond Street

Regents Street

133 149 Knightsbridge

West Oxford Street

East Oxford Street

Resident Spend

• Residents (including top-up shopping, £7bn p.a.) 60% • Tourists – (£3bn p.a.) 30% • Workers – (£1bn p.a.) 10%

292 521

1,000

Worker Spend

Kings Road

Sloane Street

90 137 Piccadilly

Tourist Spend

Source : FSP

STORE OPENING Brompton Bikes - the UK’s top bike maker selling 45,000 a year across the globe – opened their London flagship named Brompton Junction on Covent Garden’s Long Acre in October. This is the fifth global store - the first opened in Kobe, Japan in 2011 – followed by stores in Amsterdam, Hamburg and Shanghai. The store provides 1,300 sq ft over ground and basement floors and was let by Nash Bond for CBRE Global Investors.

NEW WEST END STATISTICS

15%

10%

5%

WEST END WEEKLY FOOTFALL

AVERAGE WEEKLY FOOTFALL 0% % YEAR ON YEAR CHANGE 15%

-5%

10%

-10%

REGENT STREET STREETSTREET REGENT STREET BOND BOND

000’s 7000

6500

OXFORD STREET END END OXFORD STREET WEST WEST

-15%

5%

Jan

Feb

Mar

Apr

May

Jul

Aug

Jun

Jul

6000

0%

5500

5000

-5%

4500

-10% 4000 1

3

5

7

9

11

13

15

17

19

21

23

25

27

29

31

33

35

37

39

41

43

45

47

-15%

Week

-20% Jan

Source : NWEC

Feb

Mar

Apr

May

Jun

Sep

Oct

Nov

Source : NWEC

Nash Bond

FSP Retail

T. 020 7290 4555

T. 01494 474 740

E. info@nashbond.co.uk E. fspretail@fspretail.com W. www.nashbond.co.uk

W. www.fspretail.com


Nash Bond/FSPsp Q4 2013 central london retail bulletin