Confidence returns to London retail - selectively, and experientially

Innesco managing director Dan Innes this week helped organise and moderate the MAPIC London breakfast, bringing together many of the UK's leading retail agents, advisors and placemakers around the wonderful scale model of London at the New London Architecture (NLA) galleries.

The clear takeaway from the discussion was that, although it has been a journey, confidence has returned to London retail - but it has returned selectively, and experientially.

What is increasingly clear is that London is no longer a single market. It is a network of micro-markets, each with distinct dynamics, risks and opportunities. From Wembley in the west, where leisure and event-led retail continue to evolve, through the West End - where Oxford Street, Bond Street and Carnaby Street have tightened materially alongside the continued rise of Battersea Power Station and King's Cross - and across to Westfield Stratford City and Canary Wharf in the east, where scale and connectivity remain critical.

Three themes came through strongly. First, the polarisation of pitch: prime has not just recovered, it has accelerated. Locations like Covent Garden, Soho and Seven Dials continue to outperform because they offer something more than space - they offer curation, culture and density of demand.

Second, the redefinition of 'retail'. Beauty and wellness continue to expand, with brands like SEPHORA leading the charge. Performance and lifestyle brands such as PUMA Group and Vuori are taking space with confidence. And experiential flagships are firmly back, with IKEA on Oxford Street a standout example.

Third, the rise of precision leasing. Every deal is more considered. Every pitch needs a clear point of view - and on that, there were no disagreements around the table.

Francesco Pupillo and Peter de Soissons set the tone with where MAPIC is heading, particularly as the 2026 edition widens its focus to high streets and cities. Jonathan Prynn reflected on the defining milestones in London retail over recent decades during his time as business editor at The Standard - a reminder of just how much this city has already navigated and reinvented. Jace Tyrrell brought a forward-looking perspective on London's global position and the scale of opportunity still ahead, with experience as a recurring theme. And Victoria Kay of Hamleys of London offered a valuable retailer lens, reinforcing that experience, theatre and product curation remain absolutely central to performance - alongside some clear invitations to engage with Hamleys on future opportunities.

All of which feeds directly into the fresh direction of MAPIC for 2026. Because London today is not just recovering - it is acting as a live testing ground for the future of urban retail, and the world is watching closely.

Thanks go to Innesco colleagues Nevine Coutry and Simon Stretch, the team at NLA, and everyone who joined the breakfast - all achieved despite a tube strike.