central london retail bulletin all the latest from nash bond & fsp
OCTOBER 2014
in short • It is reported that an Israeli billionaire has completed a takeover of all four Camden markets - Teddy Sagi, a property tycoon and technology entrepreneur is now the owner of Camden Lock Market, Camden Stables Market in Chalk Farm Road, neighbouring Buck Street Market in Camden Town, and canal side site Hawley Wharf. Hawley Wharf already has planning permission for a £300million redevelopment, which includes 170 homes, a revamped market area, an art-house cinema and a school which will start being built in January next year. • Bond Street in £20 million makeover - The luxury street will have its first major public realm improvement project in over 30 years. The plans include the redesign of the carriageway on Old and New Bond Street, which will increase pedestrian space up to 50% creating a “luxury promenade” for shoppers who currently have to navigate narrow and often obstructed pathways. It will also introduce two-way traffic on New Bond Street and Brook Street and the lanes on New Bond Street will be reduced from three to two. Investment will also be spent on better access for people from the new Crossrail station which will open at Hanover Square. • UK close to ‘breakthrough’ on Chinese visitor visas - The Government is hoping to launch a pilot project in China which would allow potential visitors to Britain to submit their paperwork for a UK visa at the same time, and crucially in the place, as for a European Schengen visa. Britain has resolutely refused to join the Schengen system, which allows access to 26 European Union countries on a single visa but not the UK. It is hoped that a greater number of Chinese tourists will then be encouraged to apply for more than one visa.
zone a movements the major streets West End
2014 Q3
3 Mnths
1 Yr
5 Yrs
10 Yrs
8.3%
91.2%
185.7%
16.1%
71.4%
100.0%
30.0%
106.3%
1.8%
1.8%
66.7%
106.9%
2.1%
61.7%
125.6%
15.9%
61.7%
68.0%
£250
11.1%
51.5%
Cheapside
£275
14.6%
10.0%
Bishopsgate
£280
16.7%
47.4%
Sloane Street
£825
73.7%
101.2%
Kings Road
£475
18.8%
13.1%
53.2%
Brompton Road
£660
10.0%
25.7%
28.2%
Jermyn street
£300
5.3%
57.9%
172.7%
Bond Street*
£1300
Oxford Street*
£900
Regent Street*
£650
KenSINGTON High St*
£280
Piccadilly*
£300
Carnaby Street
£485
Cov garden james st
£840
high holborn
*30 ft zones
9.1%
12.0%
2.4%
1.8%
5.6%
1.8%
Source:NashBond
www.nashbond.co.uk
www.fspretail.com
retail burn FSP’s Retail Database records good news stories about: Itsu which is expanding outside of its London heartland; Thomas Pink which won a legal battle against Victoria’s Secret and posted results maintaining a healthy gross margin; Jimmy Choo with plans to list on the London Stock Exchange. Meanwhile, not so good news recorded for: Prada with poor half-year results; Nicole Farhi with the exit of creative director Jo Sykes; Bolongaro Trevor with rumoured administration
Thomas Pink
Source: FSP
retailers in london opening
closing
retail news index FSP’s Retail News Indicator tracks the sentiment of news about Central London retailers.
retail news index up to JUNE 2014 000’s 120
All news sentiment dipped, but has been increasingly positive towards the end of this quarter. The more significant dip in the sentiment of Clothing & Footwear news has narrowed the gap between All UK and All London.
115
110 105
100
95
90
12 12 12 12 12 12 12 13 13 13 13 13 13 13 13 13 13 13 13 14 14 14 14 14 14 n Jul ug pt ct ov ec an eb ar pr ay un Jul ug pt ct ov ec an eb ar pr ay un J J F F M A M J M A M J A Se O N D A Se O N D
Ju
Source : FSP
www.nashbond.co.uk
F&B
C&F
ALL LONDON
ALL UK
www.fspretail.com
the knowledge FSP continuously undertakes research on customers and retailing in the West End. From this research the adjacent chart compares the merchandise category split in key streets, showing that Clothing & Footwear is typically the strongest single category. However, Central London streets have a variety of specialist and supporting roles; Knightsbridge, for example has a strong Food & Beverage offer, which enhances the upscale shopping experience for visitors.
London west end Retail mix: Merchandise catergories 100%
80%
60%
40%
20%
Knightsbridge
Bond Street
Kings Road
Regents Street
Clothing & Footwear
Source : FSP
Personal
Sloane Street Household
East Oxford Street Leisure
Food
West Oxford Street
Piccadilly
F&B
store opening Galeria Melissa – the Brazilian footwear company opened their third global store in Covent Garden. The plastic shoe company has many capsule collections created by well-known designers including – Karl Lagerfeld, Vivienne Westwood, Gareth Pugh and Zaha Hadid. The store at 5,500 sq ft, is the first European store and further outlets are planned in China together with the two current stores in New York and Sao Paulo. Nash Bond acted for the Galeria Melissa.
new west end statistics West end weekly footfall
AVERAGE WEEKLY FOOTFAll % year on year change 15%
15%
10%
10%
000’s 7000
6500
5%
5% 6000
0%
0%
5500
-5% 5000
-5%
4500
-10%
-10%
-15%
4000 1
3 2013
5
7
2014
9
11
13
15
17
19
21
23
25
27
29
31
33
35
37
39
41
43
45
47
-15%
Week
-20% Aug
-20% Aug
Source : NWEC
Sep
Sep
Oct
Oct
Nov
Nov
Dec13 Jan14
Dec13 Jan14
Feb
Feb
Mar
Mar
Apr
Apr
May
May
Jun
Jun
Jul
Jul
Source : NWEC
Nash Bond
FSP Retail
T. 020 7290 4555
T. 01494 474 740
E. info@nashbond.co.uk E. fspretail@fspretail.com W. www.nashbond.co.uk
W. www.fspretail.com
REGENT STREET REGENT STREET
BONDSTREET STREET BOND
OXFORD STREET OXFORD STREET
WESTEND END WEST