Retailers in London’s West End are expected to see £4bn extra turnover in the three years to 2021, generated by the Elizabeth line, a new railway running through London.
Research by engineering consultant Arup estimated that turnover in the West End will increase to more than £13bn in 2021, rising from £9bn in 2017.
Footfall is expected to increase by an additional 69.6 million visitors during the period after the new line opens, on the back of a 42% increase in entries and exits at central London stations Oxford Circus, Bond Street and Tottenham Court Road by 2021.
Nearly 60% of people are predicted to visit the West End more frequently when the new line opens.
Jace Tyrell, chief executive at the New West End Company, which commissioned the research alongside the Fitzrovia Partnership and Heart of London Business Alliance, said: “We are looking at how to animate and curate the spaces […] around the West End and how we ensure customers can have an excellent [experience] when they come here.
“Over the coming months New West End Company will lead on the delivery of transformational projects across the district and be a key partner to Transport for London, the Mayor of London, Westminster City Council and London Borough of Camden as well as our local communities and commercial partners to ensure we provide safe, secure streets and the best possible conditions for growth.”
The Elizabeth Line, which is valued at £14.8bn, is thought to be the largest construction project in Europe. When fully commissioned, stations in central London will run 24 trains per hour in both directions.