Shopping Centre Group Westfield has announced a multimillion pound investment in the expansion of its luxury shopping area, The Village at Westfield London. The plans will see a number of stores expand, new luxury names open and existing retailers relocate to larger spaces. The enhancements are in response to growing consumer demand for luxury retail at the centre.
These upgrades come at a time when the desire for luxury has never been stronger among shoppers; with global luxury spend growing 7% in 2014 and representing annual sales of £10.1bn in the personal luxury goods market in London alone. Soaring demand among tourists for premium items has also contributed to this increase and luxury will continue to grow, with an expected sales increase of 10.75% in the UK by 2018.
“Westfield London is rated the number one shopping centre in the UK and is in the top five tourist shopping destinations in London. The Village was the first luxury offer inside a shopping centre in the UK and has proved popular, attracting over 100m visitors since opening in 2008,” comments Keith Mabbett, Director of Leasing, from Westfield.
“We pride ourselves on creating exciting and innovative places for our customers and this major investment in The Village is an important part of this strategy. We work closely with our retail partners to understand how we can support their business ambitions for their stores and these enhancements are a critical part of these partnerships.”
The refurbishment will see fashion brand Versace increase its presence with three stores in Westfield London including two new stores in The Village, Versace and Versus Versace. Following the success of its pop-up store at Westfield London, shoppers will now be able to visit the first permanent Versus Versace store in the UK which opens this month.
Shoppers to The Village will also benefit from a whole host of new retailers arriving in autumn 2015 including: Sandro, Jigsaw, Zadig and Voltaire and Claudie Pierlot. In addition, Whistles will be opening a new enlarged store later this year and Hackett has recently completed a refit and opened an impressive new store. CafÃ© Concerto has relocated to a larger space creating an exciting new dining concept in The Village and this month Georg Jenson opens a new store.
The Village enhancements also include the launch of a brand new personal styling service, The Fashion Lounge, which is situated on the second floor of The Village. Stylists will be on hand and a range of beauty treatments will also be available from The Lounge.
Improvements to The Village will continue throughout 2015 with further new stores to be announced later this year.