Crossrail set to transform retail landscape

Crossrail will help create more than 2.3 million square feet of new shops across London, according to a new report — the equivalent of four Selfridges stores.

The latest retail survey from property specialist Knight Frank claims central London retail space will grow by 8% by 2020, with Crossrail stations the main driver of growth.

Chris Babatope, a research analyst at Knight Frank, said: “Largely on the back of Crossrail, we are seeing a significant increase in retail development, with key retail markets in the West End set to expand outside of traditional boundaries.”

Oxford Street has nine schemes of more than 20,000 sq ft in the pipeline with up to 450,000 sq ft to be completed by 2018.

Other areas set to be boosted by new shops are Canary Wharf and Shoreditch.

Ian Barbour, head of retail leasing at Knight Frank, said; “We see exceptionally strong demand from both international and UK retailers in the fashion, home wares and food and drinks sectors.

"We believe that these pipeline developments will strengthen the attraction of the core development hubs around Tottenham Court Road/eastern Oxford Street and Canary Wharf/Wood Wharf.”