Crossrail is forging a path through London’s West End in more ways than one. Not only is its construction delivering significant infrastructural change, the project is also encouraging innovation and investment in the capital – and it is vital for businesses to get on board.
The Queen’s visit to Bond Street station on 23 February marked the completion of 70% of the project, and coincided with the announcement that the new route will be known as the Elizabeth line. This milestone is a timely reminder that expectations are running high for Crossrail’s arrival in 2018, and the capital must ensure that the Elizabeth line’s legacy matches up to that of its namesake.
Crossrail is predicted to carry around 200 million passengers each year. As a result, the West End alone is gearing up to welcome an extra 60 million visitors. London mayor Boris Johnson himself has attested that Crossrail will make the West End “even more attractive to businesses and shoppers.” Factor in the 200 million people who already flock to this world renowned area every year, and it is evident the effect Crossrail will have on retailers is not to be underestimated.
Aside from the leap in visitor numbers, the project has boosted London’s investment market, with gross development value in the West End predicted to increase by at least £2.5bn. In fact, over 2.5m sq ft of new commercial space is currently in development across the West End.
Crossrail is thus set to prove the streets really are paved with gold, as the West End’s annual turnover – which stands at £8.8bn – is forecast to reach £11.3bn by 2020.
With statistics like these, it perhaps comes as little surprise that Oxford Street’s iconic landmark Selfridges is investing £300m in its store to prepare for the Crossrail era. However, this is the exception and not the rule, and more businesses need to start investing now to capitalise on the opportunity.
And it’s not just flagship retailers that need to prepare themselves. Oxford Circus is set to enjoy a 20% reduction in visitors, with footfall expected to be redistributed to east and west Oxford Street. With 41% of people admitting less crowding would encourage them to visit the West End more frequently, this will evidently satisfy public demand for an improved retail experience. The next step will be for those businesses affected to ensure they make the appropriate investments to take advantage of these heightened shopper numbers.
Evidently, retailers must not be tempted to wait patiently on the platform for the Elizabeth line – they have a responsibility to extend Crossrail’s climate of innovation to street level. New visitors to the area will expect a slick street-level experience that marries with that below ground.
All the rosy predictions for Crossrail’s positive effects on the West End are more likely to succeed if businesses work together to prepare their offering for the new influx of people.
Although Crossrail is yet to release official details of the station designs, Farringdon will be set around a huge concrete diamond in homage to Hatton Garden, and Bond Street is rumoured to have its very own West End theme. In-store investment should mirror these innovations. That could be adapting to the increased footfall within stores, and ensuring staff levels match up to the hike in visitor numbers. What’s more, retailers should endeavour to put smart technologies in place to make the experience as seamless and stress-free as possible.
Just as critical as the in-store experience is the imperative to ensure our streets are safe, clean and congestion-free. We need a comprehensive plan to reduce traffic in the West End, to replace diesel buses, create space for pedestrians and accelerate the switch to electric vehicles.
Progress towards these end goals is being supported by New West End Company and we are encouraging others to make any necessary changes before Crossrail arrives.
The fast approaching arrival of the Elizabeth line is a stark reminder for businesses to capitalise on the huge possibilities proposed by Crossrail – and to keep up with the opportunity of a generation.
Jace Tyrrell is chief executive of the New West End Company
