London Luxury Quarter shows continued interest in retail expansion
The latest annual report from the London Luxury Quarter Association, which represents the historic area of Mayfair, St James’s and Piccadilly, shows that there is continued interest in retail expansion in the area.
In 2015, the Piccadilly and St James’s areas saw a 5.1% increase in sales, compared with the annual retail average of 0.4%. For the London Luxury Quarter, total sales reached £4.9bn, and retailers now own 22% of the space on Bond Street, an increase of 28% over the last two years.
As the demand for store space starts to outstrip the supply, retailers are moving beyond Bond Street, which has led to the development of Dover, Albemarle and Conduit Street as retail destinations.
The Crown Estate, which is the largest single landowner in St. James, has launched a £500m investment programme in the area and already begun its St James’s Market project. This will be finished this year and consist of 260,000 sqft. of retail, office and restaurant space. Brands that recently opened stores in the London Luxury Quarter include Simone Rocha, Marni, Moncler and Alexander Wang – and, as previously reported on FashionMag.com, Dover Street Market remains in the area, but is now located at Haymarket.
The biggest spenders in the area are usually Chinese and American, but sales to Middle Eastern shoppers are increasing and now account for a third of the area’s international sales.
Mark Henderson, the Chairman of the London Luxury Quarter, said: “Attracting globally-minded, affluent visitors, residents and businesses seeking high-end offices with an exclusive address, London Luxury Quarter is now witnessing rising demand for space. Numerous development projects are under way to deliver increased office, retail and art gallery space.”