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Market Commentary

​​Weekly Retail & Leisure News - 09 March, 2015

Record international demand and investment in the West End during 2014

Record international demand, investment and development across the West End during 2014 culminated in the area contributing £51.25bn to the UK economy, according to JLL’s latest report, London’s West End: Review and Outlook. Following a wave of over 80 new West End brand openings in 2014, retail sales topped a record £11bn from Piccadilly, to Bond Street and Carnaby. Beyond retail, the West End's leisure and hospitality economy was equally buoyant with food and drink sales up 9.1% YOY and theatre ticket sales up 6.5% YOY. GuyGrainger, CEO, JLL UK commented:  "The West End's connectivity and public realm will benefit hugely from the arrival of Crossrail in 2018 as well as ongoing inward investment and redevelopment.”

In other positive news for the UK retail sector, Greggs has reported that pre-tax profits before exceptional items rose 41% to £58.3m in the 53 weeks to January 3, the highest profits in the company’s history. This was driven by LFL sales at the retailer’s stores growing 4.5% compared with a 0.8% fall a year earlier. Statutory pre-tax profits, which includes profits from the sale of property, climbed 50% to £49.7m.

It was also announced last week that supermarket giant Sainsbury’s has launched its first grocery click-and-collect service – and will roll out the scheme at 100 stores across the UK by the end of the year. Customers ordering their shopping online from Sainsbury’s will now have the option to collect their groceries in store, if they live in a catchment area where the service is available.

Please click here for the full ‘London's West End: Review& Outlook’ report.

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