Shaftesbury Capital hails "strong" trading in London's West End

Landlord Shaftesbury Capital has said demand for space across its West End estate is "strong" despite a backdrop of macroeconomic uncertainty.

The company signed 173 new leases in the first five months of 2023, with retail at 28, hospitality and leisure at 16, offices at 30 and residential at 99.

Trading activity was also "strong" across the portfolio, with retail, hospitality and leisure customers reporting sales 13% above 2019 on a like-for-like basis.

Footfall trends across the West End were "positive", helped by increasing international tourist numbers, particularly evident through May following the Coronation celebrations. This is anticipated to continue across the summer.

The company also shared its progress in introducing new brands and concepts across its portfolio, including Tissot, Uniqlo, Hollister, OG Kicks and Gramicci opening sites within Shaftesbury Capital's buildings.

Ian Hawksworth, CEO of Shaftesbury Capital, said: “We are pleased with the first 100 days of activity across Shaftesbury Capital with the integration of our business and talented team progressing well.

"We are encouraged by operational progress, prospects for our prime West End portfolio and the benefits we are seeing from the combined platform.

"Our portfolio has delivered a strong operating performance reflecting its exceptional qualities and long-term resilience."

Shaftesbury Capital was formed this year by the merger of Shaftesbury and Capital & Counties. Its portfolio includes various locations in London's West End, including Covent Garden, Chinatown, Soho and Carnaby Street.