New West End Company, representing over 600 retail, leisure, hospitality, and property businesses in the West End, has long championed the transformation of Oxford Street – affectionately known by many as the “nation’s high street”.
The Mayor of London’s announcement of a bold vision for Oxford Street is a welcome acknowledgement, at the highest levels, of the critical role the street can play in driving growth in London and across the UK. That his proposal has the backing of Deputy Prime Minister, Angela Rayner, sends a clear message: Labour is serious about delivering growth, and high streets are key tothat ambition.
Unlocking Oxford Street’s potential will deliver a significant boost to the economy - locally in the West End, across London and nationally too. Oxford Street is already the largest single component part of the West End, both in terms of scale of offer and share of spend and visits. The West End as a whole - which includes Bond Street and Regent Street, both destinations in their own right – generates 3% of the UK’s entire economic output. It’s also the only place in the UK where visitors can find such a wide variety of shops, restaurants, and entertainment all in one spot. The Mayor’s vision could unlock additional growth in what is already a powerhouse destination.
Oxford Street has also been gathering momentum in recent years, with the opening of Elizabeth line stations at Bond Street and Tottenham Court Road boosting footfall and accessibility, and businesses on the street adapting to changing visitor needs. More than retail, the street is now book-ended by modern art experiences Moco Museum and Frameless to the West and the capital’s most visited attraction, Outernet, to the East.
The development of former department stores is set to unlock 1 million square feet of Grade A space for retail, F&B andoffices. And for retailers on the street, there has been a meaningful shift towards delivering immersive experiences – which is likely why, according to CBRE,every brand which has relocated to Oxford Street since 2023 has upsized theirstore space by 195% on average.
But while Oxford Street evolves at pace, one of the most important pieces of the puzzle is yet to come: a transformation of its public realm.Public realm refers to the spaces and streets that shape the overall visitor experience, and it's crucial for creating an environment where people want to spend time and money. These enhancements aren’t just about creating a better visitor experience but about driving growth for the businesses that operate on the street, leading to more jobs for employees across the capital and more demand for suppliers across the UK.
Previous research we conducted with Colliers suggested that completing meaningful public realm improvements could generate up to10% sales growth annually on Oxford Street alone.
Of course, realising the Mayor’s ambitious vision for the street will be technically complex. Having worked closely with local stakeholders including Westminster City Council on previous plans, we know that the devil will be in the detail. We are ready to work closely with the Mayor, the Government and Westminster City Council to make sure the improvements to Oxford Street are deliverable in the near-term and have long-term benefits for the West End as a whole..
One thing is clear: we are all aligned that delivering an enhanced public realm for Oxford Street is necessary to secure its position as a global retail, leisure and hospitality destination and drive investment, growth and job creation. With that in mind, we must now work together to ensure these proposals are brought to life as quickly as possible and this ambitious vision becomesa reality.
