The Oxford Street programme could contribute as much as £2.8billion in retail sales, a new analysis has found.
The £90million investment in the shopping district, including public realm improvements and greening, will see annual growth of up to ten per cent.
Analysis by the New West End Company, which represents 600 businesses in the area, also found that footfall on Oxford Street was up 12 per cent in 2023 compared to the previous year.
Visitor numbers increased most sharply on the street’s east end, which saw a 19% uptick from the previous year.
Dee Corsi, chief executive of the 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.’
Oxford Street has seen the arrival of several new brands including Dr Martens and Under Armour, as well as the return of HMV to its store near New Bond Street.
High profile openings this year will include the new Ikea store at Oxford Circus, which is expected to be completed in autumn, and the immersive experience Pocket Planet, which will have a retail and cafe offering from this Spring, before the main exhibit opens in early 2025.
Councillor Geoff Barraclough, cabinet member for planning and economic development at Westminster City Council, said: ‘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.’