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Demand for London’s West End outstrips supply Tuesday, 19th July 2011
According to the latest research by CB Richard Ellis, London’s Bond Street now has a 0 percent void rate as demand for luxury retail outstrips availability.
The figures come as the New West End Company revealed this week that the West End benefits from £2 billion of luxury spending a year, with one third of shoppers specifically looking for luxury.
Jonathan de Mello, head of retail consultancy at CBRE, said: “London’s West End is one of the most sought-after destinations for luxury brands in the world. Luxury retailers in the West End are seeing substantially higher sales densities in a number of instances compared to other major city centres that contain luxury retail. Despite virtually non-existent void rates, the potential to grow the area is strong, with an imbalance in the demand for luxury and the space to supply.