15 FEBRUARY 2022

Mayfair and Belgravia see significant retail recovery

Grosvenor’s growing partnerships with occupiers and delivery of innovative services that support their operations drove leasing success in 2021 at a time where a quarter of the year was spent in lockdown and Omicron’s rise again shook business confidence in central London.

In the last 12 months, 33 new brands opened their doors in Mayfair and Belgravia including Barbara Sturm’s UK debut and JKS’ new restaurant concept Bibi. This drove low vacancy across Grosvenor’s London portfolio at the year end of approximately 3%, vs a UK average of 14% (Source BRC).

Amelia Bright, Executive Director, Grosvenor, commented: "In the past two years, we’ve worked hard turn the concept of a landlord on its head and to make the choice of who occupiers contract with as important to them as the choice of street, connectivity and rent.  

"When lockdowns hit our goal was that Mayfair and Belgravia would come out the other side as strong as when we went in, with shops and restaurants open and ready to welcome everyone back.

"Waving rent in lockdowns was a highly effective early intervention. But it’s really been our actions since then, like the Tenant Investment Fund, which have fundamentally changed the nature and number of the conversations we’re having."

Our suite of services for occupiers is particularly directed at independent businesses which form around two-thirds of our retail and hospitality occupier base. These include the Tenant Investment Fund, which supports business expansion plans at a time when bank funding is constrained and a market first trading lease designed to require no negotiation, reducing time and costs involved in agreeing a lease.

More widely, our £1 billion development pipeline, much of which was progressed since the onset of COVID will aid the evolution of Mayfair and Belgravia and changing needs of residents, visitors and workers. This includes schemes like the South Molton Triangle, Holbein Gardens and The Ice Factory and our application for Grosvenor Square which is set to be determined by Westminster Council in 2022.

Short term experiences like Belgravia in Bloom, The Daily Dress Edit, The Ever After Garden and enhanced outdoor dining also supported reopenings and resilient footfall figures.

Amelia Bright added: "If we want to safeguard the long-term future of a place we need to nurture enterprise. And we know that this formula works. Not only is vacancy at the levels you’d expect in a buoyant market, but in October 2020, half term footfall exceeded 2019 levels and, pre Omicron, footfall on key streets in early Christmas trading was very encouraging."

Demand for space has continued in 2022 with the confirmation in January that Inception Group’s latest Mr. Foggs cocktail bar will open in Mayfair in late Spring following backing from the Tenant Investment Fund.

About Grosvenor

Grosvenor is a property developer, manager and investor – we create great places where communities, business and nature thrive. 

In London’s West End, we support nearly 1,000 businesses and thousands of residents and workers each day.  We also invest in new neighbourhoods elsewhere in London, Liverpool and across the South of England.  

With a track record of over 340 years, we are part of an international property company improving property and places across many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of our customers and communities.   

We are a values-led organisation which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food and agtech, rural estate management and support for philanthropic initiatives, shares a common purpose - to deliver lasting commercial, social and environmental benefit -  addressing today’s needs while taking responsibility for those of future generations.   

Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do. 

Rachel Garstang

Head of Corporate Communications & Stakeholder Engagement Grosvenor

+44 (0)20 7312 2341 ext.6957

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