London tourism revival gets boost as Pocket Planet latest to land in Oxford Street
Oxford Street’s continued revival has been given another vote of confidence, with the launch of miniature world specialists Pocket Planet as the latest to take up a spot in the West End.
Retail leaders have heralded plans to open its 30,000 square foot indoor world as proof of the capital’s investment attractiveness, and big brands’ willingness to react to consumer behaviour changes.
Opening next year, the ‘experimental’ space in Oxford Street will feature large scale model landscapes of UK landmarks, or ‘miniverse’. The development will also open a retail and cafe offering in spring next year, in addition to an exhibit the year after.
Mark Vlassopulos, chief executive, said “the site we have is incredible: we have 30,000 square feet with 50 metres of frontage at 500 Oxford Street right between Marble Arch and Bond Street tube station. It is the tourism hotspot of the UK.”
Charlie Peat, head of private capital markets at Peel Hunt, added: “With a number of key investors and strategic partners already in place, including Europe’s leading ticketing partner Eventim, and Event Merchandising, the Pocket Planet team are taking full advantage of an advantageous moment with fast recovering tourism and relatively affordable ret conditions on Europe’s busiest street”.
This comes as the capital’s premier shopping district has undergone a transformation in recent years, with major brands like TopShop and House of Fraser moving out of their premises.
As tourists flock back to London with no more restrictions, the local authority, and London Mayor Sadiq Khan, have gone on the offensive also to clean up the district from the scourge of so-called ‘American Candy Stores’ in particular, which blight the area.
For now, the scheme, known as ‘Meanwhile On: Oxford Street’ will offer nine units to businesses who are looking to launch their first store, with the first small firms expected to set up shop in August.
In addition, there are at least seven new ventures opening in Oxford Street in the near future, including a store at 393 for French football giants Paris Saint-Germain, and a new enormous flagship store for HMV. Other major brands who have already opened their doors, are Under Armour, Pandora and Samsonite.
While Pocket Planet is not part of the scheme, Dee Corsi, chief executive of New West End Company, praised the launch saying it was “yet another endorsement of the nation’s high street, as prestigious brands and developments continue to invest.
“We know that visitors are spending longer in the district today than they were pre-pandemic, as they look to take in all that is on offer. It’s fantastic to see businesses like Pocket Planet respond with increasingly ambitious plans to cater to this shift in visitor behaviour, and we look forward to seeing London in miniature when it opens its doors next year.”
Oxford Street, has reported footfall increase in April, May and June of this year, compared to last year. On average, spend is also outperforming footfall this year, with data available until the end July, according to the New West End Company
According to CBRE, there were nine developments in progress, which would offer around a million square feet of space. There are ten units in advanced negotiation stages in addition to 15 deals have been completed this year – amounting to 200,000 square feet of retail space, in addition to six major hotel developments.