Canary Wharf group have unveiled their vision for the new era of retailing with 115,000 sq ft of retail and leisure space to open at its Crossrail station next May.
Here‘s five reasons why its new development could be one of London‘s new shopping hubs.
Planning permission has been granted to build 3,000 new homes on the Wood Wharf site, which will obviously place more potential buyers in and around the area. More than 100 shops, restaurants and cafes are also part of the plans which will undoubtedly boost the appeal of Canary Wharf as a shopping district.
As the capital‘s major financial district, Canary Wharf already has good public transport links with 100,000 workers commuting there on a daily basis. But this will improve greatly with the introduction of Crossrail in 2018. Work is already well underway for the new Canary Wharf Crossrail station. The transport network will run for more than 73 miles from as far as Reading and Heathrow to Shenfield and Abbey Wood; this means Canary Wharf will even become a realistic shopping destination for these areas.
The area has a large range of retailers and goods. Some stores are very high-end, including the likes of Tiffany & Co and Moss, whilst there are also plenty of more high street shops like River Island and Next. With 200 shops there appears to be something for everyone, from city high-flyers to casual shoppers. It is also keen to attract more independent retailers to the area.
The 100,000 people employed in the area (expected to double by 2025), many of whom are extremely busy working in top jobs, certainly will not be prepared to make the journey to London shopping centres or high streets. The Canary Wharf stores are in the heart of the area and will certainly be favoured by this kind of customer on their way to and from work – this type of consumer is also likely to be the most valuable.
Those at Stratford Westfield are currently undergoing the process of trying to create the perception of the centre as a central London location. Canary Wharf, on the other hand, is now well and truly solidified in the area. The actual Canary Wharf building, which dominates the skyline, is a tourist attraction and the location itself is one of general appeal due to its restaurants and bars and attractive sites by the river. Having somewhat shaken off the tag as a soulless banking district, the area should have no shortage of visitors.