Business in the West End are set to share a £2.45 billion annual windfall once Crossrail opens in 2019 according to new research commissioned by traders association the New West End Company.
The research, conducted by Harper Dennis Hobbs, found that almost a third of shoppers said they would visit the area more often as a result of the shorter journey times offered by the rail link.
New stations at Bond Street and Tottenham Court Road are expected to increase footfall by 20% and 14% respectively, bringing large numbers of new shoppers into central London.
Sir Peter Rogers, Chairman of New West End Company, said: “There’s been a growing optimism throughout the West End as the opportunities that Crossrail presents have become clearer.
“This new research shows the sheer scale of the economic boost this remarkable project will bring to the 600 plus retailers that occupy the area.
“Importantly Crossrail will also allow for the reduction in traffic above ground and a new strategy to ensure Central London can meet air quality standards.”