Croydon to become south London’s shopping destination
A huge step has been recently made for the regeneration of Croydon since a brand new Westfield shopping centre is set to open in the area in 2022.
Croydon’s new £1.4bn shopping centre development could generate an annual turnover of as much as £745m when it opens in 2022, according to research undertaken by retail consultancy Harper Dennis Hobbs (HDH).
Developed by the joint venture of Westfield and Hammerson, Westfield could increase overall retail spending by 53%. The study, conducted by retail consultancy HDH, aims to identify retail catchment areas and potential shopper spend.
Spending in Croydon could reach as much as £2.7bn, resulting in a significant boost of the regional economy.
“Our gravity modelling demonstrates the potential success that Westfield Croydon would bring, suggesting it would essentially replicate the transformation seen in Stratford after the development of Westfield Stratford and White City after the development of Westfield London,” says Jonathan De Mello, head of retail consultancy at HDH.
Hammerson’s chief investment officer described the development as well as its impact in Croydon, as a transformative, world-class retail and leisure destination which is already stimulating the ongoing wider regeneration of Croydon.”
Croydon shopping centre home to 300+ stores
The 500,000 sq. ft. scheme will be the largest redevelopment of its kind in the UK and include more than 300 shops, restaurants, cafes, a new multi-screen cinema and a bowling alley. It will also provide 40,000 sq. ft. of offices and nearly 1,000 new homes.
The new shopping centre is predicted to generate 75% of the total town centre turnover which is more than the total turnover of Whitgift and Centrale, the two existing shopping centres. Another two areas that will be positively affected by the development is Bromley and Wimbledon since according to the study, Croydon’s retail catchment area will expand towards south-east and south-west London. The data also show that the average gross sales densities across the town will increase by 15%. It is also estimated that between 6,270 and 7,048 full-time-equivalent jobs will be created.
Croydon is set to “hugely benefit” from the new shopping centre that will enhance the local economy and ultimately turn Croydon into south London’s regional shopping destination.
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