LONDON — Bond Street has marked the official completion of its pricey 10 million pound makeover. The transformation is part of a larger West End project to revamp neighboring areas, Hanover Square and Oxford Street.
The project included an overhaul of the public spaces including a new public square outside Ralph Lauren at the Burlington gardens junction, larger pedestrian spaces and major store refurbishments.
To date, 50 million pounds of investment have been funneled into the project delivered by Westminster City Council, the New West End Company, GLA and Transport for London.
“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. Millions of people from around the globe will visit the West End each year and it’s vital for our economy that it continues to be the world’s premier shopping destination,” said Jules Pipe, deputy mayor for planning, regeneration and skills.
Since 2017, a lineup of luxury labels have set up new stores and flagships along the West End street, further establishing its credentials as a prime destination for luxury. There were new openings by the likes of Chloé, Stella McCartney, Alaïa and Delvaux, while existing residents such as Louis Vuitton, Chopard and Cartier have been working on major store transformations.
Bond Street makes an annual turnover of 1 billion pounds, with 60 percent of total spend accredited to international, tax-free shoppers. They are said to spend an average of 1,560 pounds per transaction.
The overhaul comes just before the completion of the Elizabeth Line, the new railway line connecting Greater London to the capital. Upon its completion the New West End Co. estimates a 74 percent increase of footfall into Bond Street station alone.
“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 injections into the area to support the increased connectivity the Elizabeth Line will bring,” said Jace Tyrrell, chief executive officer of New West End Co.