Bond Street completes £10m revamp as it proves key for global luxury shoppers
today Oct 18, 2018
The £10 million transformation of Bond Street’s streetscape has officially been completed while £50 million has also been invested on Bond Street in the past 18 months through 10 new brand openings and six major store refurbishments, the New West End Company (NWEC) said on Thursday afternoon.
Thursday marks the official completion of the “most ambitious public realm improvement scheme in Bond Street in over 30 years,” which is intended to “significantly enhance the experience for pedestrians, while still allowing traffic on the street.”
Delivered by Westminster City Council in partnership with NWEC, other bodies, and with the support of Bond Street businesses, the scheme completes the first phase of a multi-million investment programme for the wider West End and "marks a major moment for the street as a globally competitive luxury destination.”
The upgrades to the street include a brand new public square outside Ralph Lauren at the Burlington Gardens junction, more space for pedestrians through decluttering, and “high quality materials and lighting that complements and showcases the iconic brands.”
The completion of the project comes ahead of more investment into the West End, including Hanover Square and widespread improvements proposed for the Oxford Street District.
NWEC said that last year, turnover on Bond Street reached £3 million a day and £1 billion annually, making it “the epicentre of London luxury and the unrivalled shopping destination for international globe shoppers looking to purchase designer goods."
And those international visitors are key because, while international tax-free shoppers account for just 29% of all visitors to Bond Street, they represent a significant 60% of all total spend. The revamp has been partly designed to make the destination more appealing to them.
Chinese shoppers are estimated by Global Blue to be Bond Street’s largest international visitor group, spending an average of £1,560 per transition, and stores on the street now have over 200 Mandarin-speaking professionals working there.
The investment in the street also seems to be working as far as attracting brands is concerned. In the last 20 months, Chloé, Stella McCartney, Hublot, Alaïa and Pomellato have joined the line-up of Bond Street brands, while Loewe, Givenchy, Roger Vivier and Alexander McQueen are all set to open new stores there soon. Louis Vuitton, Cartier, Chopard and Piaget have also undergone major store refurbishments, investing significantly in their Bond Street locations.
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