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Location Analysis of Croydon

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Location Analysis of Croydon Location Analysis of Croydon Overview of the demographics, local economy, housing market and the retail sector Overview Location Analysis of Croydon Central London Croydon Current and Projected Population Croydon ▪ Croydon is a major hub for services and retail sector (8th biggest retail area in London), with North End being its main shopping street, having presence of retail stores such as Whitgift and Allders − The region has an estimated presence of c.13,000 businesses(2) ▪ Croydon Vision 2020 is a major regeneration programme by the London Borough of Croydon for Central Croydon, with an investment of over £3.5bn already ▪ committed in redeveloping the area(3)(4) Croydon has a total population of 342,800, the largest population of all the London boroughs ▪ Croydon has c.8.5m sq. ft. of commercial floor space , and a development pipeline of 8.2m sq ft, a number of which have detailed planning consent(2) − 227,300 (66.3%) of its total population is aged between 16-64 years − 189,400 (79.1%) of the total population is economically active(1), compared to 74.9% in London Type Avg. Journey Time Remarks − Services sector accounts for 91.7% of the jobs in Croydon, with Public admin, education & health being the major employers (29.9%)(1) From London Victoria. Operator is Southern Rail 16 minutes Service Railway ▪ Croydon is well connected, as evident from the table on the left, contributing largely to its economic development Bus c.50 minutes From Westminster ▪ As part of Transport for London's (TfL) £10bn Investment Programme, the East Tram 28 minutes Connects Croydon to Wimbledon London line is being extended Road From Croydon city centre to the M25/M23 − Phase 1 from West Croydon to Dalston and Highbury & Islington is 20 minutes Junction through the A23 already complete, and in 2012 Phase 2 will extend to Clapham Junction(4)(5) Airport 36 minutes To Gatwick Airport, 2nd largest in the UK Note: (1) Nomis official labour market statistics; (2) Croydon Observatory (http://www.croydonobservatory.org/keyfacts/); (3) Croydon Business (http://www.croydonbusiness.com/croydon2020.html); (4) This is Croydon report (Croydonedc.co.uk); (5) http://www.fairview.co.uk/site.asp?area=greaterlondon&article=kingstower.xml&page=news © 2019 RocSearch. All Rights Reserved. 2 Snapshot Location Analysis of Croydon City Croydon London Area of Metro District(1) • 87 sq km • 1,572 sq km Population (2009)(2) • 342,800 • 7,753,600 Males • 167,900 (49.0%) • 3,851,200 (49.7%) Females • 174,900 (51.0%) • 3,902,400 (50.3%) Transport Main Line Rail(3) • East Croydon Station (20.6m passengers travelling in 2009) is the • London Waterloo Station– Busiest rail Station (with 87.9m main station, followed by West Croydon Station (2.7m passengers) passengers in 2009), followed by London Victoria (70.2m passengers) Airport(4) • Gatwick Airport (33.0m passengers per annum) • Heathrow Airport (66.1m passengers per annum) • Bus Services: Part of TfL’s London Bus network with 20 bus routes into and out of Central Croydon. The X26 service gives direct access • Bus Services: Largest with 8,000 buses, 700 bus routes, and c.6m Bus to Heathrow and Kingston passenger journeys made every weekday Size of Economy(5) • TBC • £265.1bn GVA Employment(2) • 189,400 (79.1%) • 74.9% Unemployment(2) • 8.6% (Croydon) • 9.1% (London), 7.9% (National Average) Median Wage Per Week(2) • £613.4 (Men) • £642.0 (Men) • £496.4 (Women) • £551.0 (Women) Note: (1) Croydon Observatory (http://www.croydonobservatory.org/Borough/); (2) Nomis official labour market statistics; (3) Office of Rail Regulation 2008-09 station usage; (4) Civil Aviation Authority Website; (5) ONS Report – December 2009 © 2019 RocSearch. All Rights Reserved. 3 Local Economy & Housing Market Location Analysis of Croydon Local Economy Housing Market ▪ Over the past decade total employment in Croydon increased at a slower rate than ▪ Overall, the level of owner occupation increased modestly from 68% to 70% the Retail PROMIS average; growth in total employment to 2014 is forecast to be across the PROMIS centres between 1991 and 2001 around average − The level of owner occupation in Croydon is below PROMIS average ▪ In 2008, the services sector accounted for 91.7% of total employment in Croydon, with Public admin, education & health being the major employers (29.9%) − Key Public Sector employers in the Croydon area include the Home House Type Average Sale Price July 2008 (£) Office, the Land Registry and the Borough Council. The Land Registry is, however, planning to close its Croydon office which employs 174 Flats & maisonettes 195,865 people Terraced houses 238,428 − Within Services sector, financial, IT & business services accounts for Semi-detached houses 310, 066 28.6%. The Financial & Business Services (F&BS) employers in Croydon include Direct Line Insurance, Aviva, Barclays Financial & Detached houses 518,178 Insurance Services, Abbey Life Assurance and AIG Europe. British Telecom is one of the largest employers in the area, with c.2,500 All property types 276,778 employees − Retailing is also an important source of employment within the service Average House Sale Price (£) Date sector. In addition to those employees engaged within the town's Croydon London Region shopping centres, Superdrug and WH Smith also have offices in the town July 2004 230,836 272,104 July 2005 236,097 276,892 ▪ The manufacturing and construction sector in Croydon accounts for 3.2% and 4.9% of total employment July 2006 241,460 294,647 July 2007 268,985 343,469 ▪ Some major manufacturing employers in Croydon Borough include Nestle, Sigma Aerospace and Alpha Metals. Several of the main manufacturers have only office- July 2008 276,778 348,366 based functions in the town Source: Promislive Croydon Retail Report, Nomis official labour market statistics, ‘This is Croydon’ Report © 2019 RocSearch. All Rights Reserved. 4 Retail - Overview Location Analysis of Croydon Quality of fashion retailers in Croydon Catchment size and growth prospects ▪ The total population within the Croydon primary catchment area is 778,000, above the Regional Centre average and ranking the town 15 out of the PROMIS Centres − The estimated shopping population of Croydon is 455,000, ranking the town 12 of the PROMIS centres, which is above the average for the regional centres. The CBRE shopping population is an estimate of the number of people who regard the town as their main shopping destination Source: Promislive Croydon Retail Report © 2019 RocSearch. All Rights Reserved. 5 Retail - Overview Location Analysis of Croydon Town Centre Retail Provision ▪ Croydon's retail offer is predominantly mainstream. Whilst the town has a large number of multiples, there are relatively few quality retailers in contrast to its main competitors, Bromley and Kingston-upon-Thames ▪ Croydon has significantly below average volume and quality of retail provision relative to the size and affluence of the shopping population; in some; but not all cases, this can imply a shortfall in the provision of modern retail floorspace as well as reflecting the absolute size of the shopping population ▪ Although Croydon offers a broad range of middle and lower middle fashion retailers, it lacks the substantial representation of retailers within the upper middle/quality end of the fashion spectrum that is typical of Regional Centres, despite an influx of high fashion retailers with the opening of Centrale in 2003/2004 Shopping Centres ▪ Until relatively recently, the Whitgift Centre dominated retailing within Croydon town centre. Since its completion in 1969, this Centre has been refurbished and modernised and provides an attractive, covered retail environment on two main levels, with good shopper facilities. The Centre comprises a main mall (on two floors), which runs northwards from Whitgift Square, East and West Arcades, and two peripheral malls (Trinity Court and Chapel Walk) − The Whitgift Centre has a broad retail offer, which includes major tenants such as Boots, Superdrug and Sainsbury's, as well as some specialty retailers. Many of the town's fashion multiples such as Monsoon, River Island, Republic, Topshop/Topman and Wallis are situated within the Centre ▪ Other fashion retailers in Centrale include Miss Selfridge, Blue Inc, French Connection, Jane Norman, LK Bennett and La Senza Prime Pitch ▪ The prime pitch in Croydon is within the Whitgift Centre, extending from River Island on the ground floor of the main mall to the unit occupied by H&M Hennes. The prime area is comparatively small for such a large PROMIS centre, comprising only 23 units in all Convenience Provision ▪ Convenience shopping in Croydon town centre comprises a Sainsbury's superstore in the Whitgift Centre, a large foodhall within Marks & Spencer and a small Iceland store in the Surrey Street/Crown Hill area ▪ There are Sainsbury's Local and Waitrose supermarkets on the eastern end of George Street, en route to East Croydon station. Lidl trades from a store on London Road, north of the main shopping area ▪ There is also a Tesco Express at Leon House on High Street Source: Promislive Croydon Retail Report © 2019 RocSearch. All Rights Reserved. 6 Retail - Overview Location Analysis of Croydon Vacancies, in-movers and closures ▪ At the time of the January 2010 survey the vacancy rate in Croydon town centre stood at 13.8% of units, marginally above the Retail PROMIS average and a slight fall on the level recorded in May 2008. The level of take-up between the May 2008 and January 2010 audit was 9.1% of units, above the PROMIS average ▪ The vacancy rate recorded at the time of the January 2010 audit excludes St George's Walk. Many of the units in this precinct lie vacant in preparation for possible redevelopment as part of the Park Place scheme; however, a handful of independent retailers were still trading at the time of the most recent audit ▪ On the prime pitch stretch of the Whitgift Centre, Swarovski, Game and Miss Prodigy have taken the units previously occupied by Baron Jon.
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