New data from CBRE found that central London retail investment volumes increased 71% quarterly, totalling £424m in the second quarter 2024.
Luxury retailers now flood to Bond Street and Oxford Street particularly for higher foot traffic and sales success.
In Oxford Street, there have been 19 letting transactions in 2024 so far. There have also been 30 new entrants since the start of 2023 as well as six new brands, such as Future Stores and Manière de Voir, to the UK market.
Customers are also flocking to the West End as footfall grew year on year in all months throughout the second quarter, peaking in June, which was up 2.8% on last year.
These areas, Bond Street especially, the report finds, “continue to draw high volumes of capital”. The deals completed in these areas account for “almost 60%” of total London retail investment volumes for the first half of the year.
“We continue to see strong investment for key central London locations, with Bond Street remaining a primary area of focus and in particular, luxury brands beelining for the middle of New Bond Street as they look to cement their physical position.” says CBRE executive director, Phil Cann.
“Despite the competitive pressures of online shopping, it is clear that consumers want a holistic, in-store shopping experience.”