West End landlord Shaftesbury shrugs off cost-of-living crisis as bars and shops report huge sales
West End landlord Shaftesbury Capital shrugged off the cost-of-living crisis as habits surpassed pre-pandemic levels.
The company, whose estate encompasses some of London’s poshest areas from Carnaby Street to Covent Garden, said sales in shops, bars and other tenant-run businesses were 13 per cent higher than in 2019.
As tourists flock to areas like Chinatown and shops like Neal’s Yard, central London is confident of a recovery.
Sales up: Shaftesbury – whose estate includes London’s Covent Garden (pictured) – said sales in the shops, bars and other businesses run by the tenants were 13% higher than in 2019
It was the first trade update since a £5bn merger in March between landlords Shaftesbury and Capital and Counties.
The partnership has brought Shaftesbury’s properties together with its new partners, Capital and Counties, who take pride in owning prestigious sites such as Covent Garden Market – home to brands such as Tom Ford and Chanel.
The merged company’s portfolio consists of 670 buildings, including shops, offices and restaurants.