Interest in retail space in London has surged significantly.
- The demand has risen by 25% compared to the previous year.
- In the first quarter alone, there were 356 active store requirements.
- Food and beverage sectors hold the majority of these requirements.
- London’s global appeal remains strong in the retail industry.
Interest in retail space in London has surged significantly, reflecting a robust economic environment. The latest research from property agent Colliers indicates a 25% rise in demand year-on-year, boasting 356 active store requirements in the first quarter alone. This signifies a remarkable growth compared to the 284 requirements recorded during the same period last year.
The demand encompasses just under 1,000,000 square feet of space, showcasing the city’s enduring allure. Notably, the food and beverage sector accounts for the most substantial portion of these demands, with 146 requirements. Comparatively, fashion retailers and leisure and experiential operators made up 57 and 55 requirements, respectively, a notable increase from the figures observed in the first quarter of 2023.
Marylebone, Soho, and the West End are leading locations for fashion retail requirements, with each hosting 12 active demands. Following closely are Knightsbridge with nine, Covent Garden with seven, and Islington with five. Significantly, 10 of these requirements are from new international entrants from countries such as the United States, Scandinavia, Italy, and France.
However, the demand for pop-up spaces across London has seen a 10% decrease in April, indicating a shift in retailer confidence towards securing permanent locations. Paul Souber, the head of central London retail at Colliers, asserts that these statistics highlight London’s global appeal and its status as a key player in the world’s retail and leisure sectors.
Both established brands and innovative newcomers are actively seeking opportunities across the city, extending beyond central hotspots into noteworthy neighborhood locations, reflecting the city’s diverse retail landscape.
London continues to hold its prestigious position as an attractive hub for global retail and leisure operators.
