// Shaftesbury Capital saw a 13% jump in its tenants’ like-for-like sales as shoppers flood to London’s West End
// The landlord highlighted “positive trends” amid overseas tourists return
Shops and restaurants in London’s West End are witnessing a customer boom, surpassing pre-pandemic levels as Shaftesbury expects another wave of sales surge over the summer.
West End landlord Shaftesbury Capital, which owns more than 40 acres in London’s theatre district, said that its tenants’ like-for-like sales were on average 13% above where they were in 2019, according to The Times.
Footfall also showed signs of improvement, with the landlord hailing positive trends amid overseas tourists return.
According to Shaftesbury, the shift became “particularly evident” around the time of the Coronation celebrations and is expected to pick up further through the summer.
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Thanks to the “sustained demand” for its properties and “against a backdrop of macroeconomic uncertainty”, Shaftesbury signed 173 new leases worth £11.4m in the first five months of this year, up 6% from the original forecast last December.
New restaurant openings in China Town and Kingly Court in Carnaby Street also helped attract new customers.
Apart from units under offer, 2.9% of its space is vacant, with brands like Tissot, Uniqlo and Gaucho opening sites within Shaftesbury’s buildings.
“We are pleased with the first 100 days of activity across Shaftesbury Capital with the integration of our business and talented team progressing well. We are encouraged by operational progress, prospects for our prime West End portfolio and the benefits we are seeing from the combined platform,” Ian Hawksworth, chief executive, said.
Shaftesbury Capital was formed this year by the merger of two of London’s biggest landlords, Shaftesbury and Capital & Counties.
Its £5 billion portfolio includes various locations in London, such as the Covent Garden estate, as well as parts of Chinatown, Soho and Carnaby Street.
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