West End news and archive

West End businesses propose new business rates, call for impact assessment

New research by the Heart of London Business Alliance (HOLBA) has suggested that property occupiers in London could see business rates increase by up to 20 percent under the government’s incoming business rates relief structure. The organisation, which represents businesses across three districts in London, has thus offered an alternative to...

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London's West End properties boost Shaftesbury Capital's valuation

Shaftesbury Capital, UK-based property developer, reported an increase in portfolio valuation for the year ending December 31, despite challenging macroeconomic conditions, as its London West End properties continued to perform well. The company’s portfolio—spanning Covent Garden, Soho, Carnaby Street, and Chinatown—was independently valued at...

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Loxton Walk: New West End retail and leisure destination to open in 2025

Details of a new retail and leisure destination set to be opening the heart of Marylebone, London, have been unveiled by the Portman Estate and Derwent London, which will be responsible for the development of the property. Set to open in 2025, Loxton Walk will span 28,500 square feet across 17 ground floor units, accessible via George Street,...

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West End retailers miss out on 220 million pounds due to 'tourist tax'

It is no secret by now that retailers across London remain unhappy about the UK government’s decision to scrap tax-free shopping incentives for tourists. The resulting impact of the move was further emphasised in a new report by the New West End Company (NWEC), which represents the retail landscape for the West End district of London. In its...

Retail

NWEC: Oxford Street brings in highest sales of West End

Amid an ongoing rejuvenation of the famous shopping destination, the landlord of Oxford Street has shared data that shows such investments are beginning to pay off. New research carried out by New West End Company (NWEC) and property firm Colliers has said that Oxford Street was the “largest single component of the West End, both in terms of...

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Shaftesbury Capital hails ‘strong start’ to Christmas amid sales and footfall boost

London real estate giant Shaftesbury Capital PLC has reported a “strong start” to the Christmas trading period in its latest financial statement, as high footfall bolsters sales across its properties. For the period starting July 1 to November 15, 2023, footfall throughout its prime portfolio in London’s West End brought in a sales aggregate of...

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Grosvenor hails in ‘new era’ for West End as development begins

Real estate company Grosvenor is beginning work on the 500 million pound development of London’s West End, where it says it plans to establish a mixed-use scheme to improve public realm. Spanning 370,000 square feet, the project is looking to deliver new office spaces, private and onsite housing, a five star hotel opportunity and new cafes,...

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West End hit by ‘tourist tax’ despite rising footfall, new data suggests

London’s West End is feeling the impact of the UK’s ‘tourist tax’ despite an increase in footfall, new data suggests. While the iconic luxury shopping hub is enjoying a continued return of tourists following the end of lockdown restrictions, the gap between footfall and spend has widened in the second quarter when compared to pre-pandemic...

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Shaftesbury hails ‘rapid rebound’ in West End economy

London’s iconic West End has enjoyed a “strong recovery” in footfall and spending following the end of lockdowns as deep-pocketed shoppers flocked back to physical stores. Shaftesbury, the property giant that owns a 16.4-acre portfolio in the popular luxury shopping hub, said average monthly sales for its retailers are now 6 percent ahead of...

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West End sales to hit 1.55 billion pounds during ‘challenging’ festive season

In the build up to the first restriction-free Christmas in three years, British retailers could still be facing a number of headwinds brought on by the rising cost of living and the continued absence of international travellers. In London’s West End, forecasted sales are expected to hit 1.55 billion pounds, 28 percent less than the pre-pandemic...

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New Elizabeth Line expects to boost West End sales by seven billion pounds

Following the expansion of the Elizabeth underground and overground line, which opened May 24, retailers in London’s West End are expecting to see a marginally large return in their annual sales. According to New West End Company, which oversees 600 businesses within some of the city’s central shopping districts, the impact of the new line could...

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London’s West End to return to historic annual turnover by 2025, report says

London’s West End is expected to recover to its historic annual turnover of over 10 billion pounds by 2025, according to an updated report by global property consultancy firm Colliers. The report, commissioned by New West End Company (NWEC), said that while recovery has slowed due to “economic uncertainty”, the district is still on track to hit...