// As the UK recovers from the pandemic, the luxury retail sector is bouncing back and confidence is returning to central London
// Grosvenor said it now has a vacancy rate of only 3% across its Mayfair and Belgravia portfolio, which compares well to the UK average of 14%
Central London footfall may still be lagging the pre-pandemic period but the upscale Mayfair and Belgravia area controlled by Grosvenor is bouncing back and confidence is returning to central London.
New data from property developers shows 33 new retailers opened their doors in Mayfair and Belgravia in the past twelve months, including beauty brand Barbara Sturm’s UK debut, Browns relocation to Brook Street and Les 100 Ciels Man luxury cashmere.
Grosvenor said it now has a vacancy rate of only 3% across its Mayfair and Belgravia portfolio, which compares well to the UK average of 14%, according to figures from the British Retail Consortium.
READ MORE:
- UK footfall improves but London continues to lag well behind pre-Covid rates
- West End footfall reaches 79% of pre-pandemic levels as Plan B restrictions ease
Amelia Bright, Executive Director, Grosvenor, commented: ‘In the past two years, we’ve worked hard turn the concept of a landlord on its head and to make the choice of who occupiers contract with as important to them as the choice of street, connectivity and rent.
“When lockdowns hit our goal was that Mayfair and Belgravia would come out the other side as strong as when we went in, with shops and restaurants open and ready to welcome everyone back.
“Waving rent in lockdowns was a highly effective early intervention. But it’s really been our actions since then, like the Tenant Investment Fund, which have fundamentally changed the nature and number of the conversations we’re having.”
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