Capital Economy, Business and Finance
Some may shudder at the thought of Battersea Power Station – the London landmark immortalised on the cover of Pink Floyd’s anti-capitalist album Animals – becoming a commercial success story. But sales in the lead up to last year’s festive period rose 13 per cent year-on-year, bucking national trends, while footfall also increased.
The former coal-powered station fell into ruin after it was decommissioned in 1983, before being acquired by Malaysian investors decades later.
Now tourists are greeted by luxury shops and influencer-friendly pop-up events, with a new exhibition space under construction. Affluent residents in new housing – a penthouse apartment in the power station goes for £30 million – have an expanding choice of restaurants and bars. There’s a London Underground extension too.
This all suggests that in-person retail can still thrive, if it’s baked into a diversified experience (see also: the O2).
