Nash Bond/FSPsp Q4 2013 central london retail bulletin
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*30 ft zones Source:NashBond • West End posts 10% year-on-year sales rise – retail sales in London’s West End rose by 10 per cent year-on-year in December as “resilient” trading in Oxford, Regent and Bond St outstripped the rest of the UK • Westfield London records consistent sales growth over first five years of trading – it has attracted over 130 million customers, generated more than £4bn in retail sales and created 8,000 new jobs for London • Capital & Counties to extend Covent Garden retail – there is resolution to grant planning consent for its proposals to transform the space between King Street and Floral Street within the Covent Garden estate. The 90,000-sq ft scheme will create a new pedestrian passageway connecting Long Acre and King Street, a new public courtyard and new retail, restaurant and residential space • Click & collect set for Tube stations – TfL has confirmed it is in talks to providers of click & collect services with the aim of providing them at London Underground stations • Debenhams kicks off Oxford Street refurbishment – the department store chain has kicked off a £25m refurbishment project of its flagship store on London’s Oxford Street. The redevelopment will see an additional 20,000 sq ft of space added to the trading floor, which will be used to house a new space for niche brands and a revamped fragrance hall IN SHORT ZONE A MOVEMENTS THE MAJOR STREETS WEST END 2013 Q4 3 MNTHS 1 YR 5 YRS 10 YRS BOND STREET* £1300 8.3% 8.3% 92.6% 217.1% OXFORD STREET* £775 47.6% 72.2% REGENT STREET* £650 36.8% 132.1% KENSINGTON HIGH ST* £280 12.0% 30.2% 1.8% 12.0% PICCADILLY* £300 66.7% 114.3% CARNABY STREET £475 5.6% 61.0% 163.9% COV GARDEN JAMES ST £725 2.1% 38.1% 59.9% HIGH HOLBORN £250 16.3% 66.7% CHEAPSIDE £275 25.0% 22.2% 25.0% BISHOPSGATE £275 10.0% 17.0% 61.8% SLOANE STREET £825 65.0% 111.5% KINGS ROAD £425 6.3% 6.3% 6.3% 51.8% BROMPTON ROAD £600 14.3% 17.6% JERMYN STREET £285 54.1% 185.0% RETAIL BULLETIN all the latest from nash bond & fsp JANUARY 2014 CENTRAL LONDON www.nashbond.co.uk www.fspretail.com
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Transcript of Nash Bond/FSPsp Q4 2013 central london retail bulletin
*30 ft zones Source:NashBond
• WestEndposts10%year-on-yearsalesrise– retail sales in London’s West End rose by 10 per cent year-on-year in December as “resilient” trading in Oxford, Regent and Bond St outstripped the rest of the UK
• WestfieldLondonrecordsconsistentsalesgrowthoverfirstfiveyearsoftrading– it has attracted over 130 million customers, generated more than £4bn in retail sales and created 8,000 new jobs for London
• Capital&CountiestoextendCoventGardenretail– there is resolution to grant planning consent for its proposals to transform the space between King Street and Floral Street within the Covent Garden estate. The 90,000-sq ft scheme will create a new pedestrian passageway connecting Long Acre and King Street, a new public courtyard and new retail, restaurant and residential space
• Click&collectsetforTubestations– TfL has confirmed it is in talks to providers of click & collect services with the aim of providing them at London Underground stations
• DebenhamskicksoffOxfordStreetrefurbishment– the department store chain has kicked off a £25m refurbishment project of its flagship store on London’s Oxford Street. The redevelopment will see an additional 20,000 sq ft of space added to the trading floor, which will be used to house a new space for niche brands and a revamped fragrance hall
IN SHORT
ZONE A MOVEMENTS THE MAJOR STREETS
WEST END 2013 Q4 3 MNTHS 1 YR 5 YRS 10 YRS
BOND STREET* £1300 8.3% 8.3% 92.6% 217.1%
OXFORD STREET* £775 47.6% 72.2%
REGENT STREET* £650 36.8% 132.1%
KENSINGTON HIGH ST* £280 12.0% 30.2% 1.8% 12.0%
PICCADILLY* £300 66.7% 114.3%
CARNABY STREET £475 5.6% 61.0% 163.9%
COV GARDEN JAMES ST £725 2.1% 38.1% 59.9%
HIGH HOLBORN £250 16.3% 66.7%
CHEAPSIDE £275 25.0% 22.2% 25.0%
BISHOPSGATE £275 10.0% 17.0% 61.8%
SLOANE STREET £825 65.0% 111.5%
KINGS ROAD £425 6.3% 6.3% 6.3% 51.8%
BROMPTON ROAD £600 14.3% 17.6%
JERMYN STREET £285 54.1% 185.0%
RETAIL BULLETINall the latest from nash bond & fsp JANUARY 2014
CENTRAL LONDON
www.nashbond.co.uk www.fspretail.com
RETAIL BURN
RETAILERS IN LONDON
RETAIL NEWS INDEX
FSP’s Retail News Indicator tracks the sentiment of news about Central London retailers.
The good news stories from the Food & Beverage sector were in marked contrast to not only Clothing & Footwear, but the general sentiment in Central London and across the UK. Overall, however, the news about retailers in Central London is much more positive than news across the UK.
Critical analysis by FSP of the news about retailers
90
95
100
105
110
115
120
000’s
Dec 11
Jan 12
Feb 12
Mar 12Apr 1
2
May 12
Jun 12
Jul 1
2
Aug 12
Aug 13
Sept 12
Oct 12
Nov 12
Dec 12
Jan 13
Feb 13
Mar 13Apr 1
3
May 13
Jun 13
Jul 1
3
Dec 13
Sept 13
Oct 13
Nov 13
C&F
F&B ALL LONDON
ALL UK
RETAIL NEWS INDEXUP TO DECEMBER 2013
Source : FSP
OPENING CLOSING
Source: FSP
www.nashbond.co.uk www.fspretail.com
4000
Week
4500
5000
5500
6000
6500
7000
000’s
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47
WEST END WEEKLY FOOTFALL
Source : NWEC
FSP continuously undertakes research on customers and retailing in the West End. From this research the adjacent chart compares the shopper spend in key streets
FSP estimates that annual Non-Food retail expenditure in the West End is worth more than £12bn. This is 350 times larger than expenditure in Birmingham, the largest provincial city in the UK
Expenditure in London is divided between 3 main shopping groups:
• Residents (including top-up shopping, £7bn p.a.) 60% • Tourists – (£3bn p.a.) 30% • Workers – (£1bn p.a.) 10%
THE KNOWLEDGE
NEW WEST END STATISTICS
STORE OPENING
Brompton Bikes - the UK’s top bike maker selling 45,000 a year across the globe – opened their London flagship named Brompton Junction on Covent Garden’s Long Acre in October. This is the fifth global store - the first opened in Kobe, Japan in 2011 – followed by stores in Amsterdam, Hamburg and Shanghai.
The store provides 1,300 sq ft over ground and basement floors and was let by Nash Bond for CBRE Global Investors.
Jan
-5%
5%
10%
15%
-10%
-15%
-20%
0%
Feb Mar Apr May Jun Jul Aug Sep Oct Nov
BOND STREETREGENT STREET
OXFORD STREET WEST END
Jan
-5%
5%
10%
15%
-10%
-15%
0%
Feb Mar Apr May Jun Jul
BOND STREETREGENT STREET
OXFORD STREET WEST END
AVERAGE WEEKLY FOOTFALL% YEAR ON YEAR CHANGE
Source : NWEC
Knightsbridge
Resident Spend
500
1,000
1,500
2,000
2,500
Bond Street Kings RoadRegents Street
SloaneStreet
East OxfordStreet
West OxfordStreet
Piccadilly
Tourist SpendWorker Spend
542
19
794
1,556
334
555
1,055
220
332
13790
149
133
881
20
183
608
380
292
612
180
521
LONDON WEST END - SHOPPER SPEND
Source : FSP
NashBond
T.02072904555
W.www.nashbond.co.uk
FSPRetail
T.01494474740
W.www.fspretail.com
