Oxford Street revamp to 'drive £2.8bn' in additional sales

The New West End Company (NWEC) has said its Oxford Street revamp initiative will result in £2.8 billion in total additional sales to the West End between 2027 and 2033.

In partnership with Westminster City Council, the £90 million revamp of Oxford Street was greenlit last September.

The plans, scheduled to get underway in 2024, will cover the entire 1.8-kilometre length of Oxford Street from Marble Arch to Tottenham Court Road, with key features including improved footways, greening and seating.

Junctions joining the street, including at Oxford Circus, will also be redesigned to create more space for pedestrians and the council will install 12 new controlled pedestrian crossings as well as improving 45 existing crossing points, NWEC said.

Research by NWEC, which is a business partnership of 600 UK & international retailers, restaurateurs, hoteliers, galleries and property owners in London's West End, found that the £2.8 billion figure post-revamp will be driven as a result of between five per cent to 10 per cent in annual sales growth for Oxford Street, compared to a non-development scenario, based on the assumption that the works will draw in additional footfall and boost visitor dwell times.

“Today, the [Oxford] 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,” said Dee Corsi, chief executive of NWEC. “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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