London West End: radical transformation by 2022 with an investment of 3.3 billion
The British area, where Oxford Street is located, plans to become an “international hub” with shops open for twenty-four hours.
West End is planning its transformation. The commercial hub of London, one of the main centers of the British capital, plans to carry out a “radical” transformation in the coming years with an investment of 2.9 billion pounds (4.2 billion dollars).
The goal of remodeling the area, which is driven by the New West End Company, the representative organization of the companies in Oxford Street, Bond Street and Regent Street, is to create a permanent commercial space that is open for twenty-four hours.
Among the project plans are the renovation of Marble Arch, the remodeling of Oxford Circus and the transformation of Cavendish Square, an underground commercial space of more than 18,580 square meters.
After remodeling, the experts forecast that the new center will generate more than 795 jobs and reach sales of 260 million pounds (334 million dollars) per year. In addition, the area is expected to attract more than sixty million additional visits in 2022.
London is one of the most important cities for retail with street such as New Bond Street as the third most expensive street for retail, according to the latest Main Streets Across the Word report. At the same time, the British capital is the tenth most attractive city for the sector, according to the latest edition of Hot Retail Cities report.
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