Oxford Street revamp to deliver £2.8bn in sales by 2033

The upcoming £90m Oxford Street Programme is set to deliver up to £2.8bn in total additional sales to the West End between 2027-2033, New West End Company has revealed. The significant public and private investment into Oxford Street’s public realm coincides with a wider evolution in mix across the street, as owners and occupiers respond to shifting consumer expectations. Consistently strong West End consumer spend performance in both the F&B and leisure categories has coincided with an upwards trajectory of demand from operators in both these sectors, versus 2019. NWEC’s upcoming report, “Oxford Street: 2030”, explores this evolution further and is set to be launched at MIPIM 2024 in partnership with Colliers, a leading real estate advisor. The report convenes leading voices from across retail, placemaking and property to discuss the once-in-a-generation transformation taking place on Oxford Street. In addition to public and private investment into infrastructure, public realm and increased commercial demand for space, the presence of a number of high-quality, mixed use developments is set to further diversify the street’s offering. At Oxford Street East, which has experienced significant commercial development, footfall grew 19% year-on-year in 2023, compared to 12% growth across the street as a whole. Dee Corsi, chief executive, New West End Company, 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.” Paddy Gamble, head of retail strategy and analytics, Colliers, said: “The importance of Oxford Street to the West End cannot be underestimated. Its contribution to the district economically is sizable, and the planned public realm enhancements and shift to a more varied mix on-street will act as a catalyst for long-term, sustainable growth. “Our research shows that well thought-out, high-quality public realm programmes deliver undeniable returns on investment, when it comes to consumer consideration, dwell time and, ultimately, sales.” Councillor Geoff Barraclough, Cabinet Member for Planning and Economic Development, Westminster City Council, added: “We need everyone to be on board with creating an Oxford Street fit for the future; collaboration and partnerships are key to delivering a district that works for visitors, residents, retailers, and investors. Oxford Street generates 5% of London’s GVA, so its economic success is critical to the commercial wellbeing of London and the wider U.K. economy. “We all need it to remain modern and attractive to tourists, investors, and people who call Westminster home. That is why our partnership with New West End Company to deliver the Oxford Street Programme is so pivotal, with the proposed improvements to the street securing its reputation as a global retail and leisure destination.”