| | Fashion United reports that according to the latest Colliers Central London Retail Health Check report, London is to see more than 10m sqft of retail space in new developments.
New shopping centre cites including Croydon, Battersea and Earls Court and extensions at Westfield London and Brent Cross malls will also help accelerate the supply of new stores.
Meanwhile, increasing demand from overseas retailers is keeping London rents at record highs with Colliers reporting double-digit rental growth in the past year in the centre. On Oxford Street and Mount Street, rents rose 25% on last year, while there was a 23% hike in Sloane Street. On many streets 60% of stores are leased to international brands.
In the past year, central London has witnessed the strongest prime rental growth since 1998 and the sharpest fall in vacancies since 2007.
Paul Souber, head of retail agency at Colliers, said the new retail planned is all part of ‘holistic’ developments that include homes, offices, leisure space as well as amenities and infrastructure. |