London high streets enjoy increasing demand from retailers According to new research from Savills, retailers are increasingly looking at Soho, Tottenham Court Road, Kensington High Street and Lower Regent Street for shops. The property agent predicts that rents in the areas could grow by 30pc to 50pc in the next few years. The findings demonstrate how London is bucking the national trend for high streets, with many retail destinations in the UK suffering from store closures and increasing vacancy rates. The last 12 months have seen new record rents for Oxford Street and Bond Street. Footlocker agreed to pay £800 per sq ft at its new Oxford Street store, while Swiss luxury jeweller Boghossian set a high of £1,050 per sq ft on Bond Street. This increase in rental costs and the lack of available units in the West End mean retailers are turning to locations that in the past have been considered as fringe. These areas are also benefiting from substantial redevelopment. Crossrail is encouraging developers to explore projects around Tottenham Court Road, where there will be a new station, while PMB Holdings is looking to redevelop Berwick Street Market in Soho, and parts of the former Barkers department store in Kensington could also be developed. Menswear retailers such as Jack Spade and Wolsey have already signed up for stores at the lower end of Regent Street. Anthony Selwyn, director of Central London retail at Savills, said: "International demand for Regent, Oxford, Sloane and Bond Street has rightly stolen the headlines recently with several high rent and premium deals. Landlords and developers are capitalising on this and creating new opportunities where possible and also investing in areas just off prime which may not have been on the horizon for retailers a few years ago. We predict some of these areas in Mayfair and Soho could see rental growth of between 30pc to 50pc in the short to medium term.