A £10 million transformation of Bond Street’s streetscape has officially been completed
· £50 million invested on Bond Street through 10 new brand openings and 7 major store refurbishments
· 2017 turnover in Bond reached £1 billion annually, £3 million a day
Today marks the official completion of the most ambitious public realm improvement scheme in Bond Street in over 30 years, a major £10 million transformation of the streetscape. The project will significantly enhance the experience for pedestrians, while still allowing traffic on the street. Delivered by Westminster City Council in partnership with New West End Company, GLA, Transport for London with the support of Bond Street businesses this 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.
Cllr Richard Beddoe, Cabinet Member for Place Shaping and Planning, said: “Bond Street is an example of an excellent public and private partnership that has delivered a beautiful public realm scheme on time and on budget. This is a significant moment for the West End.
“As proud custodians of the West End, Westminster Council understands the importance of investment across the area, working with public and private partners so that the prosperity generated in the area offers employment and wider social and economic benefits for London and the UK, whilst also enhancing our historic neighbourhoods.”
Bond Street’s mix of internationally renowned jewellers, fashion powerhouses and critically acclaimed galleries has cemented its position as one of the most sought after destinations for luxury brands looking to locate their global flagships. Since the improvement scheme began in April 2017, Bond Street has seen an unprecedented level of investment, with £50 million invested through 10 new brand openings and 7 major store refurbishments, as brands look to Bond Street as their new home.
Some of the highlights of the revitalised Bond Street includes:
· A brand new public square outside Ralph Lauren at the Burlington Gardens junction
· More space for pedestrians through decluttering
· High quality materials and lighting that complements and showcases the iconic brands
The completion of the Bond Street public realm project is the first phase in a wider scheme of investment into the West End, including Hanover Square and widespread improvements proposed for the Oxford Street District.
Jace Tyrrell, Chief Executive, New West End Company, said:
“Today marks a significant moment for Bond Street and London’s West End, as we mark the completion of the first phase of a multi-million-pound development programme. Over the next three years, we’re looking forward to working with our key local partners to deliver an ambitious transformation for the entire West End, which will see significant funds injected into the area to support the increased connectivity the Elizabeth Line will bring.”
In 2017, the annual turnover in Bond Street reached £3 million a day and £1 billion annually. The street is the epicentre of London luxury and the unrivalled shopping destination for international globe shoppers looking to purchase designer goods. While international, tax-free shoppers account just 29% of all visitors on Bond Street, they represent a significant 60% of all total spend. As a result of the public realm improvement scheme, the area’s streetscape and environment now reflects the quality of the prestigious brands who call it home, as well as the standard these high-net-worth international shoppers would expect.
The improvement scheme, which was delivered in just 18 months, will ensure Bond Street is ready to welcome the huge influx of visitors the Elizabeth Line will deliver. Once complete the new line will increase entries and exits from Bond Street station by a projected 74% and by 2021 there will be 69.3 million entries and exits at Bond Street station, making it one of London’s most popular transport hubs.
Jules Pipe, Deputy Mayor for Planning, Regeneration and Skills, said: “Today marks an important milestone in the wider regeneration of the West End, which is a vital part of the capital’s economy and a key driver of jobs and growth. We are pleased to have supported this project through a £2 million loan from the Mayor’s Growing Places Fund. Millions of people from around the globe visit the West End each year and it’s vital for our economy that it continues to be the world’s premier shopping destination and goes from strength to strength.”
Ben Plowden, Director of Surface Strategy and Planning at TfL, said: “The Mayor’s Healthy Streets programme is making London’s streets more attractive, accessible and people-friendly, encouraging Londoners and visitors to walk, shop and enjoy their streets. By working closely with the public and private sectors we’re glad to see the first phase of improvements complete around Bond Street station. New safer streets, improved public areas and increased walking facilities will help to transform the area, ready for the Elizabeth line.”