Brand Fit Snapshot
Best for:
Not ideal if:
Similar properties you might like:
Quick assessment - takes 30 seconds
One New Change is a mixed-use development in the City of London, adjacent to St. Pauls Cathedral, comprising approximately 573,000 square feet of retail, dining, leisure, and office space across nine floors, opened in 2010 and owned by Landsec. It serves as the primary shopping and leisure destination in the financial district, benefiting from high visibility and a rooftop terrace offering panoramic views.
The property features a diverse tenant mix including fashion retailers such as Zara, H&M, and Uniqlo; beauty and essentials like Boots and M&S Simply Food; luxury dining options including Madison and Ivy Asia; and experiential attractions like F1 Arcade. Annual footfall stands at around 7.7 million visitors, with sales totaling £84 million, driven by weekday office worker traffic and weekend tourist influx.
Accessibility is strong via St. Pauls Underground station (Central Line) and multiple bus routes, though parking is limited, emphasizing public transport reliance.
Market position remains robust in 2025, with UK retail vacancy at 16.9% per Savills, but One New Change outperforms due to its captive City audience and 97% portfolio occupancy for owner Landsec.
Leasing advantages include flexible spaces for bespoke fit-outs and experiential activations, supported by sustainability features like BREEAM Very Good rating and renewable energy use. However, challenges include sensitivity to financial sector fluctuations, hybrid work reducing weekday footfall, and competition from e-commerce and nearby West End destinations.
Operational quality is high with modern infrastructure, though aging elements from 2010 build may require updates.
Demographic profile targets affluent professionals aged 25-55 in finance, with growing tourist segments from Europe and US, per Springboard data on City retail recovery.
Interested in this property?
Choose how you'd like to proceed
Advertise at this property?
Reach high-intent shoppers across digital screens, atria, and experiential placements.
Hours of Operation
Hours
| Monday | 10:00 AM — 08:00 PM |
| Tuesday | 10:00 AM — 08:00 PM |
| Wednesday | 10:00 AM — 08:00 PM |
| Thursday | 10:00 AM — 08:00 PM |
| Friday | 10:00 AM — 08:00 PM |
| Saturday | 10:00 AM — 08:00 PM |
| Sunday | 12:00 PM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The primary catchment for One New Change consists of City of London office workers, estimated at over 500,000 daily pre-hybrid, now adjusted to 300,000-400,000 amid 2025 recovery trends per CBRE reports. Demographics skew towards high-income professionals (average salary £80,000+ in finance sector) aged 25-54, with 60% male and increasing female participation. Tourist footfall contributes 20-30%, drawn to St. Pauls, boosting weekends; international visitors from US and Europe represent 40% of non-local traffic. Annual footfall of 7.7 million reflects 11% growth from 2023 per local data, though weekday dips from remote work pose risks. Overall, the affluent, urban demographic supports premium retail performance but exposes to economic downturns in banking.
Tenant Mix and Occupancy
Tenant mix emphasizes fashion (40% space: Zara, H&M anchors), food and beverage (30%: Madison, Wahaca, Pret A Manger), beauty/essentials (15%: Boots, Superdrug), and leisure (15%: F1 Arcade, Vue Cinema). This balanced composition drives dwell time of 60-90 minutes, per ICSC benchmarks. Occupancy rate aligns with Landsegs 97.2% portfolio average in 2025 annual report, with minimal voids due to prime location; retail vacancy in City at 10% vs. national 16.9% per Savills Q2 2025. Strengths include strong anchor tenants ensuring traffic, but weaknesses in category saturation for fast fashion amid e-commerce shift. Operational quality benefits from integrated office-retail synergy, though lease turnovers rose 15% post-COVID per CPIPG insights.
Rent Levels, Competition, and Risks
Prime rents at One New Change range £400-600 per sq ft in 2025, below West End £2,500 but competitive for City per Statista and CBRE outlooks, with 2-5% annual growth forecast amid recovering demand. Competition includes One Aldgate and Broadgate for office-linked retail, plus online giants eroding 20% of physical sales per Retail Economics. Access issues minimal with excellent transport, but aging infrastructure (15 years old) risks higher capex for retrofits. Market saturation in dining categories noted, with 25% F&B voids nationally; economic risks from finance sector volatility could reduce footfall 10-15% in recessions. Balanced lease terms offer 5-10 year options with turnover rents, providing flexibility but exposing to sales variability.
Building Details
Detailed Market Analytics
City Snapshot
London
Comprehensive market intelligence for retail expansion in this city
Other Retail Destinations in London
Discover more shopping centers in London.
Popular in United Kingdom
Top retail destinations across United Kingdom.
Interested in this property?
Choose how you'd like to proceed
Advertise at this property?
Reach high-intent shoppers across digital screens, atria, and experiential placements.
City Snapshot
London
Comprehensive market intelligence for retail expansion in this city
