According to a report by investment firm Peel Hunt, the West End of London is set to experience a significant boost in tourism as overseas visitors are expected to return in large numbers. Despite the uncertainties brought about by the pandemic and the financial pressures faced by many, the report highlights a resilient recovery in occupier demand and rental tone, indicating a promising future for the central London shopping destination.
Commercial property services company Colliers also predicts that retail volumes in central London will more than double this year and surpass pre-pandemic levels next year, providing further evidence of the revival of the West End. With the recent resurgence of office working and the return of international tourists, footfall on popular shopping streets like Oxford and Regent Streets has already increased.
The Peel Hunt report highlights that domestic consumer spending in the West End is less impacted by income constraints compared to other markets, as the area attracts a more affluent demographic. Additionally, shoppers are more inclined to cut back on spending in other areas in order to indulge in the unique experiences offered by the West End.
Shaftesbury, a major commercial property holder in central London, has also reported positive business performance following the pandemic. The company, which operates a 16-acre portfolio in the West End, is anticipating a prolonged period of uninterrupted trading as the crucial summer season approaches.
Overall, the West End of London appears poised for a thriving future in the tourism and retail sectors. With the expected influx of overseas tourists and the enduring allure of the area’s unique experiences, the West End is likely to once again become a bustling and vibrant hub of activity.
Useful links:
– For more information on the West End of London and its attractions, visit WestEndTheatre.com.
– To explore the range of shopping options available in the West End, visit WestEnd-London.com.
