A look back at 2020: Retailers that opened new central London shops

 Paul Souber, head of London retail at property agent Colliers International, said: “Yes, it’s been an incredibly challenging year but London is still the premium destination for many international brands. With some very attractive leasing terms on offer, we’ve seen more than 40 new store openings across the capital ( down YOY by 60%).”

He added that some brands are positioning themselves for a rebound in consumer demand.  

The capital’s shopping scene will welcome the time when office workers and tourists are back in town.  Souber said: “That would turn back on the money tap that drives day-to-day retail and food and drink spend together with the demand for the luxury items for which London is famous.”

Among firms that this year have opened, or have signed central London leases, are jewellery brand Mevaris in Mayfair, Adidas on Carnaby Street and fashion firm Annie’s Ibiza in Soho.

In Covent Garden, landlord Capital & Counties (Capco) recently inked deals with companies including trainers retailer Kick Game, Belgian chocolatier Neuhaus and coat maker Mackintosh.  

Fine jewellery brand Vashi has  also agreed terms with Capco to open its new flagship store on the corner of James Street and The Piazza. It is set to open in Spring 2021 (subject to Tier rules).  

Michelle McGrath, executive director at Capco, said: “Brands are looking at the longer term and at locations that demonstrate resilience, have a loyal and engaged audience and are positioned to thrive. Covent Garden is pedestrianised and largely traffic free so therefore has a natural advantage while adapting to consumer trends and offering rich experiences is at the centre of everything we do.”

McGrath added: “Good business is when both parties are positioned to prosper and we are mutually invested in our joint success which is why we have supported our retail and hospitality line up through these difficult times.”

During the pandemic, Capco has worked with businesses on terms to help them ride out the virus crisis, including rent deferrals and rent-free periods for some.