Retail experts are predicting the renaissance of a former icon of the West London shopping scene – High Street Kensington.
With the closure of the last of its three famous department stores, Barkers, in 2006, quickly followed by the opening of Westfield in neighbouring Shepherd’s Bush just two years later in 2008, there were concerns the High Street would suffer the same fate as many of its contemporaries across the UK.
But High Street Kensington’s apparent fall from grace may have proved its salvation.
A report from commercial property giant Cushman & Wakefield, reveals average retails rents in High Street Kensington have fallen four per cent since 2010, from £260 to £250 per sq ft whilst rents for Westfield retailers increased by 58% (£300 – £475) over the same period.
And new business rate increases which will be announced on Friday and which are calculated on rent increases, are also likely to bolster awareness of High Street Kensington as a premier – but affordable – London shopping destination.
Since the opening of Westfield, High Street Kensington has also undergone a major experimental overhaul by the council to make it more pedestrian-friendly and provide a more enjoyable shopping experience.
The removal of railings and pedestrian crossings, allowing shoppers to cross wherever they like, together with providing cycle parking on the central reservation, was one of London’s earliest adoptions of the concept of shared space and has proved highly-successful, reducing road accidents by 44 per cent compared to an average 17% across London as a whole.
Peter Mace, Head of Central London Retail for Cushman & Wakefield, said: “High Street Kensington is, from a retailer’s point of view, something of a secret waiting to be discovered.
“The success of Westfield is well-known and destined to continue. The increase in rents is testimony to that. However, Kensington High Street has taken the opportunity to re-invent itself as an alternative and attractive place to shop and relax.
“Most importantly, it remains the local shopping street for a large proportion of London’s wealthiest residents – a fact that may have been overlooked by some retailers.”
