Central London’s Retail Revival Continues with Increased Investment Volumes

Retailer activity levels on the iconic Oxford Street also continue to gain momentum, with brands relocating on the street committing to larger stores.

CBRE’s data shows that all retailers that have moved store on the street since the start of 2023 have upsized, typifying the return of physical store commitments. On average, brands have upsized by 195%, which equates to an additional 8,751 sq ft of floorspace.

There has been a flurry of lettings on Oxford Street, with 19 transactions having completed in 2024 so far, totalling 170,000 sq ft. Since the start of 2023, there have been 30 new entrants to the street and six new brands to the UK market altogether including Future Stores, Manière de Voir, Activate and Paris St Germain.

Retailer activity is further supported by robust footfall levels. West End footfall grew year on year in all months throughout the quarter, peaking in June which was up 2.8% on last year. Tube use remained consistent throughout the quarter and in some instances, exceeded pre-pandemic levels. Tube passenger performance was strongest in May, driven by weekend visitors, which averaged 3.3% above the equivalent day in 2019.