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Olympics drives £8bn boost in London's West End

The Olympics have driven record high spend in London’s West End, with the shopping district recording £8bn-worth of transactions since last year.

Although the period during the Games itself saw central London turn into a ghost-town, the longer-term impact has been more positive.

According to the New West End Company, Oxford Street and the surrounding areas have seen a 4.2% increase in spend since last summer, equivalent to £260m since the games.

Footfall in the area also saw an increase of 1.4% - compared with the national average, which dropped 0.7%.

Jace Tyrrell, director at New West End Company, said: “Footfall in our core shopping streets immediately after the Olympics, until June this year, increased by three million. We’ve seen huge increases in sales from international visitors across the board, but definitely a return of the American visitor in a really big way. This is the tip of the iceberg.”

China sits at the top of the table in volume of post-Olympic spend making up over 20% of all retail spend.

 

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