Retailers including Gap, J.Crew and Cath Kidson are to open new stores and expand in London‘s West End in the second half of 2013
Gap is to expand its store at Land Securities‘ Piccadilly Lights scheme at 1-17 Shaftsbury Avenue, while Boots and Barclays are taking reconfigured units. US upper-middle market retailer J.Crew is to open a flagship store in Regent Street in late 2013 and Brazilian brand Melissa Shoes is to open its first UK store with a 6,500 sq ft unit at 43 King Street, WC2.
Fashion and home retailer Cath Kidston will open a 7,000 sq ft flagship store at 180 Piccadilly in late 2013 while flagging UK entertainment retailer HMV, is reportedly seeking to return to its 20,000 sq ft former flagship store at 363 Oxford Street.
The findings were taken from the Central London retail report for summer 2013; conducted by leading real estate consultancy Knight Frank.
Despite the steady increase of growth over the last 2-3 years, London retail rates are expected to rise in the second half of 2013 with rents up by almost 5% over the year to May.
Ian Barbour, head of retail leasing at Knight Frank said: “A major feature of the current London market is the amount of refurbishment and redevelopment underway, in large part due to Crossrail, with the large London estates continuing to invest heavily in “place-making” and the creation of new retail, leisure and residential locations. It demonstrates the city‘s ability to attract continuous investment and a seemingly endless stream of international retailers.”
