Retail in Motion: How London’s Iconic Shopping Streets Are Evolving

Over the last decade, London’s iconic shopping streets have undergone dynamic changes in both vacancy rates and retail mix. In this post, we examine how these changes have unfolded across five key locations – Carnaby Street, King’s Road, Long Acre, Marylebone High Street, and Regent Street – and what these trends reveal about the Capital’s evolving retail landscape.

Vacancy Rate %:

From 2015 through to 2019, all five streets maintained low vacancy rates, typically below 10%. Long Acre and Carnaby Street even achieved periods of zero vacancies during some years, indicating their desirability and strong retail performance.

However, post-2019 brought increasing volatility, particularly post-pandemic when the impact rippled through the retail sector nationwide, and London’s shopping streets were no exception.

• Long Acre emerged as the most volatile, with vacancies soaring to over 18% between 2022 and 2024. However, in 2025 the vacancy rate on the street saw a steep drop back to levels not seen since 2018, suggesting a positive turnaround and return to vibrancy for the area.

• King’s Road also experienced a sharp recovery in 2025, ending the decade with one of the steepest drops in vacancy. With rental demand now back at pre-pandemic levels, the area has reaffirmed its status as a high-demand destination.

• Marylebone High Street maintained relative stability, with the lowest and most consistent vacancy levels over the period analysed, with vacancy rates never reaching over 10%, even during the pandemic years, indicating a strong and established retail offering.

• Regent Street saw a more challenging trajectory. Vacancy rates nearly doubled between 2020 and 2021, peaking in 2023. Although there’s been improvement, the street has not yet returned to its pre-pandemic strength.

• Carnaby Street also saw a similar trend, with vacancies peaking in 2021. However, the recovery of the street has been volatile in recent years with noticeable peaks and troughs.

Shifts in Retail Mix:

Beyond vacancies, another key trend over the past ten years is the transformation of the retail mix on these high streets — a reflection of shifting consumer preferences.

• Comparison retail has declined significantly on the majority of the streets, with Long Acre seeing the largest decline of nearly 20% during the last 10 years. A decline in Comparison offering is a trend echoed across GB in key shopping areas, with retailers replaced by an increased leisure and service focussed offering.

• Marylebone High Street stood out as the only location to grow its Comparison offering, with a 10% increase, counterbalancing a notable decline in its Convenience and Service categories.

• Leisure and Service have seen increases across many of these streets, with Long Acre again seeing the largest shifts, indicating a strategic shift in focus in this area over time. This shift indicates a broader reorientation toward experiential and lifestyle-driven businesses, aligning with the ever-evolving urban consumer.

London’s retail landscape is transforming, not just in response to economic cycles, but also due to a structural shift in consumer priorities. Streets that strategically adapt their tenant mix over time to reflect this will be better positioned to maintain lower vacancy rates and thrive in the next retail era.

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