Shaftesbury signs 60 new brands as weekend footfall tops pre-Covid levels

(Sharecast News) - Shaftesbury has signed more than 60 new retail, hospitality and leisure brands in its Carnaby, Seven Dials, Chinatown, Soho and Fitzrovia assets since 1 October, it announced on Tuesday.
The FTSE 250 company said that strength of demand coincided with a "rapid recovery" in footfall and sales across its locations, calling it a "vote of confidence" in the long-term appeal and prospects of its West End property

It said 33 new retailers have joined Shaftesbury's villages, of which 23 were brands making their debuts in the UK, including six from the US being LIDS, NBA, American Eagle and Aerie, Third Man Records and Gilly Hicks.

They were joining new concepts including L'Estrange, Experimental Perfume Club, White Pine, Cole Buxton, Aubin, and Danish fashion retailer Han Kjobenhavn.

Of the debuts, nine were online brands opening their first bricks-and-mortar stores, including French eyewear brand Bloobloom.

A total of 29 new hospitality operators, meanwhile, had taken space in Shaftesbury's locations, including "Istanbul-inspired" Zahter in Carnaby; Israeli gelato concept Anita's on Upper St Martin's Lane; Japanese robata concept Yatay in Chinatown; and Carousel in Fitzrovia in its first permanent location featuring a rotating chef's table, wine bar, restaurant, event space and dark kitchen.

In addition, three of the new venues were bars and live music venues, including live jazz bar Nightjar in Kingly Court.

"The level and quality of demand for space from such great brands and concepts reflects the strength of our portfolio and speed of its recovery following the lifting of pandemic restrictions," said Shaftesbury's retail director Samantha Bain-Mollison.

"The 33 new retailers to have signed this year have added something different to our villages, reinforcing their positions as exciting West End shopping destinations and contributing to London's status as a global city for retail."

Shaftesbury said operators were focusing on Shaftesbury's "carefully curated, high profile" villages, as footfall continued to rise and retail and food and beverage spending bounced back.

Weekend footfall was currently at or above 2019 levels, while weekdays were at about 80%.

The company said data from CACI and Location Sciences indicated Shaftesbury's locations were outperforming the wider West End, where the volumes of people were currently at 72% of pre-Covid-19 levels.

"The hospitality sector has demonstrated its creativity and energy as it emerges from the pandemic, with new food and beverage and leisure concepts launching, and more established operators diversifying across our villages," said restaurant director Julia Wilkinson.

"These new additions add to the existing mix of cuisines and experiences in Chinatown London, Carnaby, Soho and Seven Dials to create fantastic food destinations that appeal to visitors, local workers and residents.

"As tough as it has been, the sector has turned a corner, which is wonderful to see."

Shaftesbury's update on retail and hospitality leasing followed its 2021 annual results on 30 November, which outlined "significant progress" on recovery for its 16-acre West End portfolio.

At 0854 GMT, shares in Shaftesbury were up 0.68% at 617.66p.