The Colliers International Midsummer Retail Report has identified 25 major projects which together would create new retail space equivalent to more than six Bluewater shopping centres.
Paul Souber, Head of Central London Retail Agency at Colliers International, commented: “Historically, London’s shopping scene has been focused on its established shopping streets and locales rather than large shopping malls, but more recently this orientation has changed with the advent of Westfield London and Westfield Stratford.
“With the capital’s population having grown by one million people in the last 10 years and set to do the same in the next decade, the scope for London to radically increase its shopping scene is clear.
“We think that it can cope with this level of new retail development especially as many of the proposed schemes are aligned with major residential and infrastructure developments.”
On average, Londoners spend about £3,500 each year on comparison retailing while more than 25m people visit London each year spending around £4bn in the capital’s shops.
Paul Souber comments: “London is poised to enter a unique phase of its existence as one of the world’s great shopping cities. Its retail boundaries will broaden and the proliferation of shopping will be profound."
Among the projects that are set to change the retail landscape in London are:
King’s Cross: 500,000 sq ft of new retail
- Westfield London Phase II: a 550,000 sq ft extension of the Shepherd’s Bush centre
- Battersea Power Station: 1.5m sq ft of retail and leisure
- Brent Cross: a 592,000 sq ft extension of what was London’s first major shopping centre
- Earls Court & Olympia: a 77-acre development encompassing four new ‘villages’ with shops, offices and leisure