“Positive momentum” is building in the West End, according to Shaftesbury.
The landlord, which owns 2m sq ft across 16 acres in the heart of the capital, said in a trading update that footfall, rents and trading had all experienced an upturn in the four months from April to August.
Chief executive Brian Bickell said: “I am pleased to report positive momentum in recent months, with footfall and trading recovering, an improving operating environment and significantly reduced vacancy across our villages.”
He added that West End footfall had recovered to 50-60% of pre-pandemic levels, and was set to rise further. “We expect that early autumn will see a return of the West End’s exceptionally large office-based working population, which has always been an important contributor to our local weekday economy.”
The landlord has also continued to improve rent collection, rising from 40% in March 2021 to 55% as of the end of July. However, the percentage of rent actually billed has fallen from 77% in March to 62% in July. Vacancy rates have also fallen from 8.4% in March to 4.1% in August.
Bickell added: “The momentum of the last four months is providing a sound platform for the continuing revival of the West End in the important months ahead, leading up to Christmas and into the New Year, and the prospects for a return to pre-pandemic patterns of life and activity.”
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