Monday 11 Dec 2017
London stations’ retail sales surge spurred by significant investment
- 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.
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.