King’s Cross retail sales boom as reinvention continues
King’s Cross retail sales rose by double digits last year as the zone’s reinvention attracts significant retail and leisure investment.
Total sales across the King’s Cross estate climbed by 13.5 per cent year on year, with retail sales up by 16 per cent and food and drink sales also climbing by 10 per cent.
The two-decades-long transformation of the North London site is paying off, with leisure complex Coal Drops Yard attracting significant footfall.
Coal Drops Yard saw a 20 per cent year-on-year increase in sales, driven by the openings of big-name brands including Uniqlo, Joe & The Juice and Midnight Pantry.
‘London’s Kendall Square’
The development could contribute £3.5bn to the economy and create 20,000 jobs if its growth rate continues, according to its supporters.
Professor Geraint Rees, writing for Morning Wire, claimed King’s Cross could rival Boston’s Kendall Square by contributing jobs and growth to the capital.
Stephen Hubbard was announced as the new chairman of the King’s Cross Group last year, after Sir David Clementi stepped down after 16 years at the corporation.
Jane Macdiarmid, head of retail at the King’s Cross Group, said: “Whilst I’ve only been at King’s Cross for a short while, I am proud to see such impressive sales growth at this already proven location over the last year, especially given the current economic backdrop.
“By continuing to invest in brilliant brands and experiences, we’re creating a place that attracts repeat visits, delivers strong returns for our retailers and enhances the overall proposition for our customers.”
King’s Cross’ transformation nears its end
Macdiarmid said that development of the area is almost complete, with 15,000 people now living and working in its Parkside location.
Google’s new “landscraper” headquarters is set to open in King’s Cross this year, after a string of delays including the presence of foxes in its rooftop garden – though the company stressed their presence is “minimal”.
The redevelopment of King’s Cross, which covered 67 acres and involved £800m in public investment over several decades, took the area from a “no-go” zone to one of the capital’s tech and infrastructure hubs.
In 2019, Google Deepmind unveiled an artificial intelligence headquarters in the area.
In 2020, medicines giant GSK launched a £10m AI hub in the redeveloped King’s Cross quarter.
This was followed by Meta in 2022, who opened an office with capacity for 4,000 employees in the area.