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Monday 11 Dec 2017

London stations’ retail sales surge spurred by significant investment

Region & Route:

National

• London Bridge, Paddington and Cannon Street record strongest growth in retail sales between July-September 2017
• Network Rail celebrates five and a half years (22 quarters) of consecutive retail sales growth for station retailers
• Strong correlation between station investment and retail sales growth

New statistics released today show that total retail sales across Network Rail managed stations in Britain rose by 5.1% between July and September 2017, marking five and half years of continuous sales growth for station retailers.

London stations London Bridge, Paddington and Cannon Street performed best out of all Network Rail’s 17 managed stations. Total retail sales at London Bridge soared by 50.3% in the last quarter, and Paddington and Cannon Street recorded rises of 46.3% and 11.6% respectively*.

Other strong performers in the capital included King’s Cross, which saw its total retail sales grow by 10.7%, and Euston, which recorded a rise of 3%. Outside of London, Birmingham New Street (+11.2%), Edinburgh Waverley(+6.8%) and Bristol (+5.7%) recorded the strongest growth.

Retail sales at Network Rail managed stations totalled almost £197m in the quarter, approximately £10m more than the same quarter last year.

The surges in sales reflects Network Rail’s significant investment in regeneration and retail enhancement projects at its stations. The 50.3% rise in retail sales at London Bridge shows that investment in the ongoing redevelopment of this key transport hub is paying off, with the first elements of the enhanced retail offer already proving hugely popular with station users.

Meanwhile, the swell of sales growth at London Paddington indicates that consumers are making the most of shopping, drinking and eating out in the new Paddington Lawn following the completion of the multi-million-pound upgrade in August.

David Biggs, Managing Director of Network Rail Property, said:  “These figures mark five and a half years of continuous growth, and this is testament to the hard work of our team, our great retail offer, and Network Rail’s continued investment in improving stations as part of our 'Destinations Programme'.

“In today’s society people want variety and convenience and our stations offer just that.  They give our busy customers a chance to grab gifts, fashion, and food while on the move, as well as offering a destination for sit-down meals, coffee, and socialising.

“These consistent improvements in results don’t come by accident; they show that we have an effective plan in place to create stations that are destinations in their own right, based on our intimate understanding of what our customers want.”

Plans are well underway for a programme of retail enhancement in 2018, including the landmark completion of the London Bridge station enhancements which will see 92,000 sq ft of new retail including bars, shops and restaurants open.