Shaftesbury, a major player in the commercial property sector in London, has proven its ability to attract new retailers and increase foot traffic to its properties in the West End. Since October 2020, Shaftesbury has secured leases with over 60 new retail, hospitality, and leisure brands for its properties in popular areas such as Carnaby, Seven Dials, Chinatown, Soho, and Fitzrovia. This influx of businesses has had a positive impact on consumer traffic, with footfall steadily rising as retail and food & beverage spending bounces back.
According to Shaftesbury, foot traffic on weekends now matches or exceeds levels seen in 2019, while weekday footfall stands at approximately 80% of pre-pandemic levels. In contrast, data from CACI and Location Sciences indicates that Shaftesbury’s locations are performing better than the wider West End of London, where footfall currently sits at 72% of pre-pandemic levels. This encouraging trend in foot traffic and sales recovery, coupled with the strong demand from operators, demonstrates a vote of confidence in the long-term appeal and potential of Shaftesbury’s properties.
Among the new retailers that have joined Shaftesbury’s villages, 23 are brands debuting in the UK, including popular US names like Lids, NBA, American Eagle, Aerie, and Gilly Hicks. Additionally, there are innovative and unique concepts such as L’Estrange, Experimental Perfume Club, White Pine, Cole Buxton, Aubin, and Danish fashion retailer Han Kjobenhavn. Nine of these debut brands are online retailers venturing into physical stores for the first time, including the French eyewear brand Bloobloom.
Samantha Bain-Mollison, Shaftesbury’s retail director, expressed her excitement about the level and quality of interest from these brands and concepts. She believes that this reflects the strength of Shaftesbury’s portfolio and its swift recovery following the easing of pandemic restrictions.
Overall, Shaftesbury’s success in attracting new leases and driving foot traffic in the West End highlights the resilience of the London retail and hospitality market. As the industry continues to recover, it is evident that Shaftesbury’s properties are well-positioned to capitalize on the rebound and maintain their allure to both businesses and consumers alike.
Useful links:
– Shaftesbury Official Website
– CACI Official Website
