The capital will need several million square feet of extra convenience shopping space by 2016, according to a report published by the The Greater London Authority.
The report’s author, Experian Business Strategies, has projected an increase of £3.6bn in convenience expenditure in London between 2001 and 2016 – an annual average growth of 2%.
Taking into account this growth in expenditure and productivity – but not existing proposals for new retail development already in the pipeline – the report identifies a need for between 1.3m and 3.4m sq ft of additional convenience floorspace across London to 2016. It is estimated London currently has 38.8m sq ft.
Mayor of London, Ken Livingstone, said: “London and Londoners need a dynamic, competitive retail sector that provides choice, convenience and competitive pricing.
“By identifying the need for new food and other convenience retail development, this research will help us to support and develop the role of town centres, maximise choice and promote sustainable access to goods and services for all Londoners.”