New central London retail locations are increasingly challenging the traditional prime sites, with the long-term favourites (particularly Bond, Regent and Oxford Street) accounting for only 36% of new retail openings this year compared with 70% in 2011.
Anthony Selwyn, head of central London retail, said: “Opportunities for new stores on Regent and Bond Street are few and far between and other locations are now getting stronger giving new entrants to London different opportunities to consider.
“Westfield for example has been increasingly successful in attracting new entrants where zone A rents are in the region of a third lower than that seen on Regent Street and half of best rent
achieved on West Oxford Street.”
It has been reported that any new international entrants that still favour the traditional shopping streets it is Regent Street that has seen the greatest climb in ranking. 57% of retailers on Regent Street are now international brands, compared with only 24% in 2000.
It is also worth noting that when it comes to luxury brands the streets closest to the traditional luxury enclaves of Bond Street and Knightsbridge, have been their preferred location. Dover, Mount and Pelham Street in particular have had increasing success at attracting new entrants.
Source: costar.co.uk