New analysis of the planned revamp of London’s Oxford Street has forecast it will deliver between 5% – 10% per annum in sales growth, in the first five years following completion.
This amounts to up to £2.8bn in total additional sales to the West End between 2027 – 2033, compared to a non-development scenario. It is based on the assumption that the works will draw in additional footfall and boost visitor dwell times.
Over the past 12 months, Oxford Street has welcomed over 20 global brands, including HMV, Dr. Martens and Under Armour. Upcoming openings include Ikea, Pocket Planet and Moco Museum.
The New West End Company (NWEC), the business improvement district representing over 600 occupier and owner businesses, stressed the public and private investment into Oxford Street’s public realm coincides with a wider evolution in mix across the street. This follows owners and occupiers respond to shifting consumer expectations.
It has seen consistently strong West End consumer spend performance in both the F&B and leisure categories.
Its upcoming report Oxford Street: 2030, published in partnership with real estate advisor Colliers, explores this evolution further. It found Oxford Street East, which has experienced commercial development, footfall grew 19% year-on-year in 2023, compared to 12% growth across the street as a whole.
Dee Corsi, chief executive, NWEC, said: “Oxford Street has long been at the epicentre of retail innovation – a must-see shopping destination for both international and domestic visitors, and a coveted address for businesses.
“Today, the street is redefining itself as a flagship destination for retail, leisure, culture and office space, with continued investments into infrastructure and increased demand from occupiers testament to the street’s enduring appeal and future potential.
“The Oxford Street Programme is a critical component of this once-in-a-lifetime transformation, and today’s figures confirm that the £90 million investment being made will generate significant added value for Oxford Street, and the West End.”
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