// London’s West End looks set to reach its historical annual turnover of £10 billion by 2025
// West End retailers continue to call for more government support in the form of relaxed Sunday Trading Hours and a simplified visa process
London’s West End looks set to reach an annual turnover of £10 billion by 2025 but retailers in the area are still calling for support from the government and reform to help continue their post-Covid recovery.
Despite slowed recovery due to economic uncertainty, year-to-date sales rose 109% compared to 2021 and spend continues to outperform footfall.
New West End Company (NWEC) – which represents 600 retail, restaurant, hotel and property owners across Bond St, Oxford St, Regent St & Mayfair said the data in the report from Colliers showed that the district is returning to pre-coronavirus levels, but that it still needs help to stop it faltering.
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Since the last report, retail footfall has been hampered by dwindling consumer confidence amid the cost of living crisis, international visitation remaining below pre-pandemic levels and a continued shift to online shopping.
All of these have led to a difficult environment in which businesses are struggling to prosper.
Retailers and other businesses trading across the West End have asked for both government support, reform to business rates and a relaxation of Sunday trading laws, amid a bleak economic outlook.
To “ensure the West End stays on the right track”, NWEC urged the treasury to act on the “urgent need to fundamentally reform business rates” including a “relaxation of Sunday trading laws”.
With shops currently having to close at 6pm, it estimates about £350m extra would be generated if retailers could operate after that time.
Although, growth was attributed in part to the opening of the Elizabeth Line, with the NWEC saying it was the main route of transport for 13% of visitors and will boost sales by up to £7bn by 2031.
New West End Company interim chief executive Dee Corsi said: “It is encouraging to see that we are still on track to hit £10 billion turnover despite the setbacks businesses across the West End have had to deal with this year. The Elizabeth Line is a welcome boost, and we hope the opening of Bond Street station will act as further encouragement for Londoners to come and spend time in the district.”
“The reintroduction of tax-free shopping is a huge win for the West End, levelling the playing field between us and other retail destinations such as Paris and Milan. We now need to capitalise on the momentum with the relaxation of Sunday trading hours to ensure we make London the most attractive destination for domestic and international visitors alike, stimulating further growth and putting us back on the map. We have an eager international audience with cash to spend waiting in the wings – we now simply have to ensure that we’re open for business at the right times.”
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