Weaker pound spells boosted number of store openings in London's prime shopping district

Alys Key
Follow Alys
Source: Getty

London's West End shopping district has already seen more store openings in the year to date compared with 2016.

In 2017, 65 retailers have already opened stores in Oxford Street, Bond Street, or Regent Street. This compares to 52 for the whole of the previous year, according to LDC.

Oxford Street is the most popular, with 41 new stores, followed by Regent Street with 15. Bond Street had nine new openings.

Read more: Pressure is mounting on TfL to rid Oxford Street of traffic

Paul Souber, head of central London retail agency at Colliers International said the weaker pound had boosted tourist shopping.

He added that “despite the shadow of Brexit, we are witnessing a raft of new international brands committing to the capital which recognise that this is one of the best global cities anywhere in the world, with its offering of heritage, culture and commerce.

Read more: London's hotel boom will continue into 2018, a new report says

"For some, it’s an opportunity to gain a foothold that’s not been possible over the past 10 years. Not only has there been an influx of jobs and retail transactions, but we’ve also seen retailers looking to take extra sites or larger units.”

Notable openings in the area this year include H&M Group's new Arket brand on Regent Street and a Polish brand taking up the former BHS store on Oxford Street.

Related articles