Analysis of prime shopping locations in central London has shown that Jermyn Street provides the ‘most British’ shopping experience in the capital.
According to the latest Colliers International Central London Retail Healthcheck report
, fewer than half of the shops in central London’s prime shopping pitches are now occupied by British brands. The research shows that Jermyn Street is the ‘most British’ street in London, while Sloane Street is the ‘most international’.
Once the haunt of legendary dandy, Beau Brummel, Jermyn Street’s history as a shopping destination dates back to 1664, and today 88% of the shops that run between Haymarket and St James’s street represent British brands. Today it is home to British brands such as Turnbull & Asser, John Lobb, Fortnum & Mason, DAKS and Favourbrook.
In contrast, only 23% of shops on Sloane Street represent British brands. With 41% of the street’s stores, Italian retailers occupy the largest proportion of the chic street which connects Knightsbridge and Chelsea.
Paul Souber, Head of Central London Retail Agency
at Colliers International, comments: “In some respects, such has been the recent influx of international brands into London, it’s amazing that Jermyn Street has retained such a British flavour.
“However, the Crown Estate – which is the dominant landlord in the street – have done a great job in retaining the street’s intrinsic character whilst carefully curating its retail offer.”
The research monitors what happening across 16 of London’s established and emergent retail pitches, and vividly illustrates how the sector continues to go from strength to strength.
Reflecting the intense demand for London shop property, the report says that prime central London retail rents have now risen by more than 50% since 2009. The proportion of empty shops in prime areas has been below 3% for some time, but the report notes that the vacancy rate in emerging shopping pitches such as Dover Street, Albemarle Street and Mount Street is now also dropping sharply. The level of available shops on these streets has halved in the past year.
Paul Souber comments: “What we’re seeing is a fundamental restructuring – and expansion – of London’s shopping landscape. Prime areas are strengthening but, most importantly, new pitches are developing and becoming home to a wide variety of established and new brands.
“During this transition period, some British brands may be displaced because they are no longer comfortable with the levels of rent that incoming international brands are prepared to pay. However, London is showing an amazing capacity to accommodate everyone who wants to be in the capital in new locations where they can find the shoppers they wish to attract.
“More than 10m sq ft of new shops will be built during the next decade and we are going to have a broader, more diverse shopping environment than ever before.
“London’s shopping scene has never stood still and we are now seeing an exceptional period of rapid evolution.”
View the Colliers International Central London Retail Healthcheck report here.