In London the race is on to see which sports can bring about long-term regeneration. Out east, there is still hope, despite setbacks, that the Olympics will give a permanent boost to Stratford, E15, and its surroundings. Out west, the sport of shopping is regarded as the way to raise the game of Shepherds Bush, London W12, which lags behind such neighbours as Notting Hill (W11) and Chiswick (W4). Westfield, a mega-mall with 265 shops, 50 restaurants and 4,500 parking spaces (220 of which are for valet parking) opens its doors next Thursday.

The timing of the launch is anything but opportune, with recession looming. But Westfield, the Australian group behind the mall, evinces a remarkable confidence in the centre's ability to attract shoppers with such features as The Village, the upmarket zone where Louis Vuitton and Tiffany will razzle-dazzle the Notting Hill set. Intellectual indigents will get their thrills in the public library that is part of the mall complex, a series of structures built on the site where the White City Stadium once stood. Duncan Bower, the development director of Westfield, says that the centre will bring long-term improvements to the neighbourhood. These will extend beyond the high-grade York stone paving that is being laid this week in the sections of Uxbridge Road - the main east-west thoroughfare through Shepherds Bush - near one of the mall's entrances.

For one thing, the mall, with its undulating glass roof, will provide a landmark that has been lacking. And, when the economy recovers, Shepherds Bush should be at the forefront of furnishing a nation undersupplied with retail opportunities. Bower points out that Britons have half the retail space enjoyed by Australians.

At the moment, the smart rub shoulders with the scruffy in “Da Bush”, as it is known even by affluent locals, who take pride in its slightly edgy nature. Alain de Botton, the philosopher, a W12 resident, draws inspiration from unlovely Shepherds Bush green, a rundown common space. But next year he may need another stimulus, for the green will be getting a facelift, part-subsidised by Westfield. The developer, conscious that it will be accused of causing blight in the areas outside its pleasure dome, has also helped to finance the refurbishment of Shepherds Bush Central Line Tube station, a new Hammersmith & City Line station (Wood Lane) and a new overground station.

These upgrades will, of course, speed shoppers to the mall. But they will also enhance London W12's existing reputation as the suburb with some of the best transport links - a factor that makes moving there even more attractive in a downturn when punctuality at the office is essential.

Robert Barr, of Kerr & Co, a local agent, considers the Tube options to be one of the area's strengths. He is optimistic about Westfield but recognises the risk of traffic congestion. He says: “This complex will have a huge impact on the local economy. It will also change the face of Shepherds Bush for ever. We will have a stunning array of shops and services which, until now, has been the preserve of more affluent parts of Central London.”

Barr does not underestimate the impact of recession on buyers. But he says that more people are now viewing properties as loans are slowly becoming easier to obtain.

The social mix of Shepherds Bush is nowhere more evident than in its properties. The price of a grand family house in Ashchurch Park Villas is as much as £2.8 million. A good family house in Godolphin Road or Warbeck Road is substantially less, however, from about £500,000 to £840,000. A two-bedroom flat in Adelaide Grove or Collingbourne Road will set you back from £300,000 to £365,000.

Close to shopping, transport and the endless entertainment of Shepherds Bush street life. Like shopping, you will either love it or hate it.

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