Retailers and property developers are being urged to consider the potential offered by east side of Oxford Street ahead of the multi-million-pound opportunities forecast to come about with the completion of Crossrail in 2018.
The rail development is expected to drive visitor traffic to Tottenham Court Road station up by 36%, to 200,000 people a day.
A report published today suggests these new passengers – alongside the organic growth from local residents and office workers - could equate to an increase of £448m spent annually in the area by 2025, roughly doubling the amount spent today.
Tourists in particular will drive this growth, with average spend by overseas visitors estimated at £259 compared with local shoppers who average £98.
Research conducted by property adviser GVA on behalf of New West End Company and InMidtown Business Improvement Districts argues the area known as St Gile’s Circus – between east Oxford Street, New Oxford Street and High Holborn - is “on the verge of a major retail renaissance”.
NWEC chief executive Richard Dickinson said: “The recent launch of Primark’s second flagship store on east Oxford Street kick starts a series of major developments that will see the area totally transformed ahead of Crossrail opening 2018.
“This is a significant period of investment, which will further help cement Oxford Street’s position as one of the world’s leading high street meccas.”
GVA, NWEC and BID are presenting the key findings of the report to senior property executives, local government representatives and key opinion formers this morning.