The Elizabeth line is expected to boost West End revenues by up to £7 billion by 2031, compared to previous forecasts, according to a report commissioned by the New West End Company.
Tottenham Court Road station
TFL’s forecasts combined with Colliers West End turnover modelling estimates that the Elizabeth Line will be boosting West End performance by around 7 per cent, which equates to between £5-7 billion by 2031, compared to what the situation would be if the Elizabeth line hadn’t been built.
They’re already finding that 13 per cent of visitors to the West End are using the Elizabeth line as their main way of arriving in the area, and that’s before Bond Street station opens. In addition, 21 per cent use the line occasionally to get to the West End, and nearly half plan to use it.
They also expect that nearly half of survey respondents expect to spend more time and money in the West End now that the Elizabeth line has opened. Note though that in general, survey questions about future intentions are often subject to very wide variances, so that particular conclusion will need to be reviewed to see if people’s intentions translate into actions.
They’re also predicting that there will be an 11 per cent reduction in passenger numbers at Oxford Circus tube station, which will be a huge relief to people using it, as it’s often overcrowded at busy times.
There may also be a modest reduction in passenger numbers at Marble Arch station.
Those changes will be offset by more people using Bond Street and Tottenham Court Road stations. If those changes are substantial though, it could see a realignment of retail stores in the area, away from the centre to spread out a bit more widely along Oxford Street.
The report summary is here (pdf).
