New West End Company Richard Dickinson New West End Company Chief Executive Capital Management
New West End Company New West End Company is a company dedicated to driving forward London s West End as the world s top shopping destination Established in 2000, New West End Company received it s third mandate in December 2012 with 85% of businesses voting in favour New West End Company is funded by 350 major retailers on Bond Street, Oxford Street and Regent Street and also by the District s major Property Owners Our job is to ensure the commercial success of the area by managing, promoting and developing the area
200 MILLION VISITS A YEAR 7.6bn ANNUAL SPEND 120 INTERNATIONAL BRANDS 217 FLAGSHIP STORES RETAIL PROPERTY VALUE 3.5bn
In this presentation Crossrail: Impact The East Oxford Street Conundrum Delivering The Vision Conclusions
CROSSRAIL: IMPACT
Crossrail: Impact Largest regeneration project in West End in over 50 years Igniting long-term investor confidence Unlocking millions in private capital for new developments, refurbishments and new spaces A catalyst for a new approach to traffic management prioritising the shopper Future proofing our shoppers, consumer spend, dwell times and values
The Facts 24 trains an hour in each direction carrying 1,500 passengers 53,000 extra visitors to enter West End area through Tottenham Court Road daily 73 million people to pass through Tottenham Court Road station each year overtaking Oxford Circus New two-way traffic on Tottenham Court Road and potential diagonal crossing at St Giles Circus Multi-million pound upgrade of tube stations and surrounding spaces Entries and exits to Bond Street and Tottenham Court Road stations to increase by 39% in 2018
THE EAST OXFORD STREET CONUNDRUM
The East Oxford Street Conundrum Poor quality retailing and low rental values Five times more people travelling around Oxford Circus Annual spend 509m compared to 7.6bn BID District Low sales densities average 3,400 per M2 Lack of shopper space and heavily congested
The Facts Primark opening increased footfall on East Oxford Street 22% in 6 months 116 retail stores in East Oxford Street Average spend per head 81 compared to 170 in West End Overseas tourists average spend 259 Shoppers are highest proportion of visitors to the area Between 220,000 and 300,000 sq. ft. of new or refurbished retail space identified Currently 5 million people within 45 minutes of the West End. Post Crossrail there will be 6.5 million people within 45 minutes.
A NEW RETAIL STRATEGY AND TARGETING INTERNATIONAL MIX TO CREATE EDGY FASHION LED BRANDS LARGEST NEW RETAIL SPACE IN 40 YEARS LINKAGE TO SOHO AND FITZROVIA DELIVER NEW QUALITY RETAIL SPACE AND BUILDING 220,000 sq. ft. NEW OR REDEVELOPED RETAIL SPACE IN NEXT 7 YEARS
DELIVERING THE VISION:
Delivering The Vision Fundamental need and opportunity to reduce traffic and shopper congestion Strategic planning for movement of people and traffic is late Need to improve wayfinding, streetscape, retail units, access and public realm Overall aim to reduce traffic and shopper congestion Cross-borough opportunity to create A new destination for London Major public realm schemes (e.g. Tottenham Court Road 2 way system) Retail strategy needed
Delivering The Vision Managing a 1/3 increase in visits annually Need for better public realm to manage additional numbers wider footpaths, fewer vehicles, more resting places, better lighting, wayfinding signs Possible need for reduction of vehicles on main streets, especially if more visitors come by tube rather than road Possible crowd problems at entrances to stations (although more entrances being built) Better management of existing streets including those adjacent to the main shopping streets to cope with numbers Need for better policing and visitor management
CONCLUSION
Concluding Questions These are great looking numbers but are they correct and what do they really mean in terms of impact given the narrow pavements etc? Sites in multi-ownership increase complexity. How is the retail strategy to be advanced to maximise the very real potential? Where is the joined up public realm and retail strategy for this part of a great central shopping district? The area has been unloved for years and part of this is because it is on a boundary. Who should best champion this new destination?
Richard Dickinson T 020 7462 0686 F 020 7462 0688 E: richard.dickinson@newwestend.com W: www.newwestend.com