Dylan Jones raised an important point last week — the future of Oxford Street goes beyond the transactional retail of the past, and that has been clear for some time.
He was absolutely right when, as a retail consultant 15 years ago, he said retailers must embrace the experiential. And on Oxford Street today, they are. Flannels X — a “cultural playground” within the brand’s flagship store — plays host to a series of pop-ups, gigs and fashion industry events. The newly opened Footasylum has panel talks, DJ nights and “meet-and-greets” with sports stars.
These are just a handful of the immersive retail experiences on offer.
As for his assertion that Oxford Street isn’t for shopping, the retailers investing there certainly don’t agree. Testament to this is the growth of those who already have a presence on the street.
With 25 commercial deals either signed or under offer since the beginning of the year, Oxford Street is certainly not dying
We’re also seeing the return of those who have left, such as HMV, which has heralded its return to Oxford Street as a launchpad into a new era.
As for entertainment, visitors can pop into the luxurious Selfridges cinema, enjoy the family-friendly, multi-sensory experiences on offer at The Twist Museum, or gather friends for an evening of augmented reality axe-throwing or darts at Boom Battle Bar. Oxford Street is in the midst of a once-in-a-generation transformation, and with 25 commercial deals either signed or under offer since the beginning of the year, it is certainly not dying.
Across Oxford Street alone, there are nine developments in the pipeline, amounting to one million square feet of mixed-use space which will be available for flagship retail, office headquarters and hospitality.
A £90 million public and private sector partnership, which will be jointly delivered by the New West End Company and Westminster City Council, will also provide a pedestrian-first destination.
Long-term, fundamental change takes time, but observers should not confuse challenging macro-economic headwinds with the overall desirability of the street. We do not need to be more Shoreditch or more Marylebone. We need to be more Oxford Street. And that is what we are doing.
