Fleet Street store fronts down over a fifth post-pandemic

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Some 22 per cent of the shops on Fleet Street are now vacant, with the sector blaming sticky transport links and a slow return to office life for the drab state of the infamous London area.
Some 22 per cent of the shops on Fleet Street are now vacant, with the sector blaming sticky transport links and a slow return to office life for the drab state of the infamous London area.

Some 22 per cent of the shops on Fleet Street are now vacant, with the sector blaming sticky transport links and a slow return to office life for the drab state of the area. 

Thomas Rose, co-founder of commercial estate agent P-Three said that the region is lagging behind other up and coming  leisure hotspots in the City such as One New Change near St Pauls because it lacks the control of one major developer. 

 “Fleet Street really struggles with an identity,” he told City PM 

“Land Securities  [Landsec] are really pushing One New Change in the City as a destination for leisure, food and beverage alongside the retail.. it’s becoming a real hub again, and it’s recovering quite well,” he explained. 

In the last year the £500m retail venue has welcomed a number of attractions including a Formula One racing experience and a host of shops such as high street retailer Zara. 

As a move towards hybrid working has driven workers out of London’s financial centre, destinations in the City have struggled. 

Rose said that buildings in the East-London street which was once famous for being the home to major newspapers  is also losing out due to a lack of tube connectivity compared to rival areas such as Cheapside which benefits from its array of tube lines in walking distance. 

“Transport is also not great there, there’s not the tube connectivity,” he added.

“Fleet Street, like many worker driven locations in London, has suffered as a result of hybrid working,” Jonathan De Mello, head of JDM Retail, told City PM 

“Consequently, the retailers trading on the street – that relied on this worker spend to sustain their businesses – have suffered, and many have closed as a result.”

According to the British Retail Consortium, the UK has seen 6,000 store fronts close down for good in the past five years.

Chief executive Helen Dickinson said “crippling” business rates and the impact of lockdowns during the coronavirus pandemic also played a role in decisions to close stores.

But regeneration into Fleet Street is underway. Earlier this year a new business development group, Fleet Street Quarter BID, was launched with plans to inject £5bn into the area by 2028. 

Plans include 539,000 sq ft of net office redevelopment of the former Daily Express building, and a new 18-room courthouse and police headquarters will also be built. 

Lady Lucy French OBE, chief executive of the Fleet Street Quarter BID, said:  “Fleet Street is on the crest of an exciting new wave. The Fleet Street Quarter is undergoing a transformation, with 3m sq ft of new Grade A commercial space in the development pipeline with an end GDV of up to £5bn.

“This will facilitate a renaissance of the area, ensuring we preserve the history of Fleet Street whilst implementing a new public realm to meet increased demand and developing new buildings fit for the future”.

She added: “Over the next five years, we are anticipating 25,000 additional office workers to the area, inspiring a rejuvenated offering in terms of F&B and retail. Transformation is underway.”

Author: Laura McGuire, Phoebe Williams