Global Retail City Profiles UK
London
London is one of the most attractive locations for international retailers globally, with the West End market the epitome of resilient retailing. Despite uncertainty following the vote to leave the Europe- an Union in 2016, the city continues to be a magnet for new brands, thanks to its unique blend of market size, maturity, high degree of transparency and strong sales performance. The capital benefits from a strong customer base with a considerable proportion of retail sales driven by national and international tourists. Over the last few years, many retailers have regarded London as the entry point to Europe for freestanding stores, including Microsoft, Canada Goose and Gentle Monster. In August 2017, H&M has opened its first Arket store on Lon- don’s Regent Street before expanding further into Europe.
High street London’s core main shopping streets, Oxford Street, Bond Street, Regent Street and Covent Garden, collectively form the largest concentration of retail in Europe. Oxford Street is the focus for mass market retailers with department stores and flagship stores being a key driver for footfall. Bond Street is the city’s best luxury pitch, and despite the EU referendum, it con- tinues to perform well. The limited supply of stock has helped drive rents to levels amongst the highest in the world. Rental growth has also been seen on Oxford Street and Regent Street, where a number of retailers including adidas, HUGO BOSS, Michael Kors, Next, Kate Spade and New Look have upsized to larger units. International retailers are increasingly spreading out from the city’s core streets and targeting other successful established locations like Carnaby Street, Soho, Covent Garden and Seven Dials as well as new and evolving areas such as Shoreditch and Hackney. Retailers are at- tracted to the strength of consumer demand, and the eclectic and dynamic nature of these places.
Shopping centers London’s two Westfield shopping centers have both become established premier shopping destinations. Westfield Stratford opened in 2011 next to the Olympic site, spearheading the regeneration of the area and is now the largest urban shopping center in Europe. Westfield London opened in 2008 and is distinguished by its mix of fashion and luxury retailers in ‘The Village’. Up to 740,000 sqft of retail space is currently being added to the scheme as well as residential and mixed-use elements. Looking forward, there is a healthy retail development pipeline including the transformation of the iconic Battersea Power Station, the wider redevelopment of the area north of King’s Cross station and the Brent Cross Shopping Centre extension. West- field and Hammerson are underway with plans for the new Croydon scheme, opening 2020, with Marks & Spencer and IMAX cinema now signed.
Shopping center Westfield Stratford
Bluewater
Westfield London intu Lakeside Brent Cross
The Bentall Centre One New Change Royal Exchange
Source: JLL 2018
Opening year Size (sqft) 2011
1999 2008 1990 1976 1992 2010 2001
1,886,000 1,842,000 1,800,000 1,440,000 917,000 669,000 196,000 47,000
Location
Regional Inner City Edge of City
Regional Inner City Edge of City Edge of City Edge of City City Center City Center
Population 8.8m
Prime rent (sqft per year)
US $775 Prime rental information for Oxford Street
Key indicators Population (‘000s No.)
GDP per Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
8,818
66,455 2.4 2.6 1st
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
Urban Revivo Sonos
Officine Générale Key tenants John Lewis, Marks & Spencer, Waitrose, Zara
John Lewis, House of Fraser, Marks & Spencer, Jo Malone, Apple John Lewis, Marks & Spencer, Tiffany & Co., Louis Vuitton House of Fraser, Debenhams, Marks & Spencer, Fenwick John Lewis, Fenwick, Marks & Spencer, Waitrose, Apple Zara, H&M, Apple, Cos, & Other Stories, Superdry, Fenwick Topshop, H&M, Mango, Nespresso, HUGO BOSS
Smythson, Tiffany & Co., Paul Smith, Boodles, Bulgari, Omega © Copyright 2018 Jones Lang LaSalle, IP, Inc. All rights reserved.
Ovo
Zimmermann Self Portrait
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