Carnaby Street is a place for young and trendy subcultures, it has been known for this since the 60’s with the mod culture thriving from Carnaby Street, so it's a prime location to open up your store. Being located in central London means many people are going to visit, Carnaby its self had a yearly footfall of around 44 Million people.
Not many customers will live in the area local area due to it being taken up by retail and restaurants, but because of the area known as a shopping district not just nationally but globally, customers will travel in. Transport links are very close with Oxford Circus and Piccadilly tube stations both being only 5 minutes walk away, also bus stops line the roads of Oxford street and Regent street. Carnaby itself is a pedestrianised area, which means you do have to walk to reach the stores, but it creates a better environment to shop in.
Carnaby street is dominated mainly by small independent stores so competition is not as high compared to its surrounding streets, this allows stores to be more successful and customers are more likely to come in to look at the niche products.
The costs to have a store on Carnaby street are going to be premium due to the location, prices around £395,000 PA can be expected for a shop space. The popularity of of the area should mean enough products can be sold to cover this expense, this would be why there are no vacant shop spaces.
Carnaby street is a prime location to have a store.
OTHERPEOPLE
Carnaby Street - https://www.carnaby.co.uk/about/
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