A row between the government and Marks and Spencers has seen the boss of the retail warn that one of the country's most famous shopping streets is about to become extinct. According to M&S chief executive Stuart Machin, the street is on "its knees" and sliding into irrelevance after falling prey to a "growing proliferation of tacky candy stores".
Mr Machin has clashed with Michael Gove , the Levelling Up Secretary, over the redevelopment of the retailer's flagship store in Marble ARch which he wants to knock down in favour of a 10-storey retail and office block.
Writing in the Telegraph, Mr Machin said: “We need to back innovation, not breed a dinosaur district destined for extinction. We know Westminster Council is making attempts to arrest its decline and the New West End Company… is leading calls for the Government to get behind investment to restore Oxford Street as a global shopping destination.”
“When I walk down Oxford Street today, I see a stark reality staring back at me. One in five shops sit vacant, there is a growing proliferation of tacky candy stores and nearly £600,000 of counterfeit goods have been seized from hawkers this year.
“The effects of Covid have brought a street that was once the jewel of UK shopping to its knees. Footfall remains 30 percent down on already dwindling pre-pandemic levels, with recovery in Oxford Street trailing its near cousins in Bond Street and Regent Street, both of which have benefited from significant redevelopment and investment.
“With inflation at a 30-year high, the pressure on both retailers and consumers discretionary income will only increase.”
M&S recently announced it will be closing a total of 32 stores as part of plans to move away from town centres.
