Bulletin

Report highlights economic contribution of West End

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London's West End contributed £51bn to the UK economy last year as shoppers, theatregoers and property investors flocked to the heart of the capital. The area has cemented its reputation as one of the world's most popular retail destinations, with sales reaching £11bn in 2014 - a new record for the central shopping area. Over 80 new retail outlets opened in the shopping district last year, taking the total of flagship stores to 254, according to a report from property group JLL published today. Despite a cold start to 2014 and a strengthening pound, retail sales were up by 3.8% year-on-year while spend rose by 4% in Bond Street's designer shops. Consumers became more focused, often researching products online before hitting the streets, according to the report. This produced a slight drop in footfall but increased time spent shopping, eating and drinking.

 

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