Jermyn Street named "most British shopping street" in London
The latest Colliers International Central London Retail Healthcheck report has revealed that not even half the shops in central London’s prime shopping pitches are occupied by British brands.
But visitors to the city's Piccadilly Circus area can swing by the most British street in the capital - the upmarket Jermyn Street, which has been a shopping destination since the 17th century. Here, 88% of the shops are occupied by British brands, including Turnbull & Asser, John Lobb, Fortnum & Mason, DAKS and Favourbrook.
The most international street in London is Sloane Street, where just 23% of shops represent British brands. Another chic London street, 41% of Sloane Street's shops are occupied by Italian labels.
Paul Souber, Head of Central London Retail Agency at Colliers International, comments: “In some respects, such has been the recent influx of international brands into London, it’s amazing that Jermyn Street has retained such a British flavour.
“However, the Crown Estate – which is the dominant landlord in the street – have done a great job in retaining the street’s intrinsic character whilst carefully curating its retail offer.”
The report also shows that prime central London retail rents have risen by more than 50% since 2009, and that the vacancy rate in emerging shopping pitches, such as Dover Street, Albemarle Street and Mount Street, is dropping sharply. The proportion of empty shops in prime areas remains below 3%.
Souber comments: “What we’re seeing is a fundamental restructuring – and expansion – of London’s shopping landscape. Prime areas are strengthening but, most importantly, new pitches are developing and becoming home to a wide variety of established and new brands."
“During this transition period, some British brands may be displaced because they are no longer comfortable with the levels of rent that incoming international brands are prepared to pay. However, London is showing an amazing capacity to accommodate everyone who wants to be in the capital in new locations where they can find the shoppers they wish to attract."
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