The West End will have fully recovered in just two years, according to a new report, after Covid-19 restrictions decimated London’s entertainment and hospitality industries.
Some £8.6bn is expected to be pumped into the retail and theatre district, nearly double the £4.6bn it pulled in in 2021, property consultancy Colliers has forecast.
It signals the West End climbing closer to a full recovery, with Colliers anticipating that spending in the district will match pre-pandemic levels of £10bn by 2024, after its recovery is “turbo charged” by the unveiling of the new Elizabeth line.
By 2025, it is expected to exceed its 2019 turnover by 14 per cent, at £11.4bn, with most global travel restrictions hopefully eased and overseas tourists flood back.
Domestic tourism in the district had been on the up, however, it suffered an Omicron-induced setback over the peak Christmas period.
But following the lifting of Covid-19 last month, the West End enjoyed its busiest week since before Omicron hit at the beginning of February.
In the first full week since plan B measures eased, areas including Covent Garden and Oxford St, saw a return of shoppers.
Footfall hit 79 per cent of pre-pandemic levels, the highest seen since last autumn, before the Omicron coronavirus variant emerged.