The latest report from CBRE revealed that planning permission for retail space equivalent to the combined size of Bond Street, Oxford Street and Regent Street has been granted across London in zones 1 and 2. Almost 3 million sq ft will be within three retail-online developments.
The remaining 5 million sq ft has been given permission to be built across 30 sites in the so-called 'London Halo' zones. Developments range from retail as part of mixed-use schemes, such as at Earls Court, where shopping space will be built alongside residential schemes, and the office-led redevelopments at King's Cross.
Hugh Radford, chairman of Central London Retail at CBRE, said: "London will see another 100,000 residents arriving every year, with another one million forecast to arrive in the capital by 2025. These new Londoners will need places to eat and place to shop.
"Existing prime retail locations are bursting at the seams, which means that confidence in the sector and its future potential has accelerated investment. This will mean London's landscape is transformed over the next five years by the addition of more than 8 million sq ft of new shopping space. It creates an incredible opportunity for the sector and London economy as a whole."