Thursday 14 Sep 2017
Capital investment drives London station sales surge
- Paddington, London Bridge and King’s Cross record strongest growth in retail sales between April - June 2017
- Rise in sales for 21st successive quarter signals another year of growth for station retailers in London
- Performance reflects ongoing investment in the retail offer at London stations
New statistics released today show London stations are leading the pack in retail sales between April and June 2017.
Paddington, London Bridge and King’s Cross performed best out of all Network Rail’s 17 managed stations, with total retail sales at London Paddington soaring by 40% in the first quarter of 2017, and London Bridge and King’s Cross recording rises of 15.1% and 14% respectively*.
Other strong performers in the capital included Euston station, which saw its total retail sales grow by 7.9%, and Cannon Street station, which recorded a rise of 5%.
This surge in sales reflect the significant investment from Network Rail into retail enhancement projects at its managed stations over the last year. Investment has also led to a rise in overall passenger satisfaction from the previous year, with 84% of passengers ‘very satisfied’ or ‘fairly satisfied’ with Network Rail managed stations.
Hamish Kiernan, commercial director of retail for Network Rail, said: “Today’s results show that Network Rail’s investment in regeneration and retail enhancement is already delivering tangible benefits for station users in London and across the UK.
“Consumers today want choice and quality as well as convenience, and we continue to bring on board exciting retailers and dining outlets to meet those needs and enhance the station experience for passengers. Network Rail’s ongoing investment in its managed stations is generating vital funds to reinvest back into the railway.
“The strong sales growth and passenger satisfaction figures indicate that our investment is paying off, with consumers increasingly choosing London stations as places not only for catching trains but for shopping, dining out and socialising too.”
The 40% rise in retail sales at London Paddington follows the completion of the multi-million pound upgrade to Paddington Lawn, which has delivered high quality fashion brands like Kiehls and Thomas Pink to the station, as well as ‘grab and go’ casual dining food outlets including Wasabi and Leon to complement existing outlets such as the award-winning Mad Bishop & Bear pub.
Meanwhile, the strong sales growth at London Bridge shows that investment in the ongoing redevelopment of the station is already bearing fruit, with station users making the most of the newly improved retail offer.
Total sales growth at Network Rail station retailers across Britain grew by 5.29% in the first quarter of the new Financial Year, comparing favourably against British Retail Consortium figures which showed average total sales growth of 2.8% over the same period**.
Outside of London, Birmingham New Street (+13.31%), Manchester (+6.75%) and Bristol (+3.6%) recorded the strongest growth.
The results provide further evidence of the success, variety and quality of the retail offer at stations in London and across the UK. They also show that investment in stations is creating places that are destinations in their own right, where people choose to meet, eat, shop and travel.
*Based on station sales data recorded between 1 April and 30 June 2017
**This is an illustrative comparison only. The BRC comparison provides a snapshot of the retail industry, we are not comparing like-for-like.
About Network Rail
Network Rail owns, manages and develops Britain's railway - the 20,000 miles of track, 40,000 bridges and viaducts and the thousands of signals, level crossings and stations (the largest of which we also run). In partnership with train operators we help people take more than 1.65bn journeys by rail every year and move hundreds of millions of tonnes of freight, saving almost 8m lorry journeys. We employ 38,000 people across Britain and work round-the-clock, each and every day, to provide a safe, reliable railway.
About the Railway Upgrade Plan
The Railway Upgrade Plan is Network Rail's investment plan for Britain's railways. It makes up two-thirds of Network Rail's £40bn spending priorities for the five years to 2019 and represents the biggest sustained programme of rail modernisation since the Victoria era. It is designed to provide more capacity, relieve crowding and respond to the tremendous growth Britain's railways continue to experience; passenger numbers have doubled in the past 20 years and are set to double again over the next 25 years - so we need to continue to invest in building a bigger, better railway. For passengers, that means:
- longer, faster more frequent trains;
- better, more reliable infrastructure; and
- better facilities for passengers, especially at stations.