Canary Wharf hits new record as Docklands hub goes seven-days-a-week
Retailers at Canary Wharf Group reported a record number of visitors last year, as the boss behind the operation hailed it as a “seven day week” operation.
Stuart Fyfe, who heads up leasing for the three underground shopping malls, said trading was strong across all days of the week, thanks to the growing number of residents and international students now choosing to live in the area.
“We are definitely operating seven days a week and have been for quite a long time, actually 10-15 years,” he told City PM
“The residents definitely dominate the weekends and obviously the office workers dominate during the week, but that’s where we’ve got a nice balance.”
In 2023, some 67.2 million customers visited the destination, up 25 per cent on the previous year and retail occupancy across its 300 outlets also sits at 97 per cent.
Fyfe’s comments come amid a challenging time for retail, with the latest figures from the ONS showing sales crashed 3.2 per cent in December, amid a nationwide cash crunch.
However, Fyfe said occupiers across the estate were “cautiously optimistic” after Christmas, noting that London did not feel the impact of the cost of living crisis as strongly as other regions in the UK.
He said: “You can always judge how good a Christmas is by how quickly the phone starts ringing afterwards. I was back on the third of January and had [occupiers] on the phone looking for additional sites.”
Canary Wharf – once synonymous with financial services giants – has added thousands of residents over the last decade as well as a number of businesses outside of its traditional base, such as competitive gaming and late night bars.
The opening of the Elizabeth Line has also helped improve connectivity to the area.
Last year it was announced that banking powerhouse HSBC would depart the Docklands hub when its lease expires in 2027.
At the time, it sent shockwaves around the capital, but Fyfe believes people have now “moved on”.
“People have moved on. Obviously Barlcays have now committed [until 2039].
“I think HSBC happened..tenants move on. We’re working hard to re-purpose that building, which I think can be really exciting. That’s life.”