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Retailers invited to invest in London's Oxford Street amid ambitious revamp

Chloe Burney
13 March 2024

With Oxford Street’s £90 million transformation "well underway", New West End Company and Colliers have published a new report that explores what makes the destination a flagship hotspot and why retailers should invest on the brink of its boom.

The new report, 'Oxford Street: 2030', brings together leading voices at all intersections of retail, including the likes of Selfridges, IKEA and more. What do they have in common? They own flagship stores on Oxford Street.

The experts discuss the once-in-a-generation transformation taking place on Oxford Street and the ongoing shift from transactional retail to immersive retail, cultural and leisure experiences.

Andrew Keith, CEO of Selfridges, said: “Oxford Street is always evolving. You’re not quite sure what you’re going to experience but you know it’s going to be memorable and exciting, and that you’ll discover something new."

The report also reveals fresh data indicating that the Oxford Street Programme, set to be delivered in partnership with New West End Company and Westminster City Council, will drive 5-10% in sales growth for Oxford Street each year following completion.

This amounts to up to £2.8 billion in total additional sales for Oxford Street alone and will likely have a positive halo effect on the wider district. According to Colliers, Oxford Street captured an estimated £3.1 billion in retail sales in 2023 - approximately 35% of all West End sales and the highest share of any competent part of the district (including Bond Street and Regent Street).

Dee Corsi, CEO at New West End Company, said: "Oxford Street’s transformation is well underway – and its future is being created by businesses, property owners and investors who recognise the opportunities that the "nation’s high street" can unlock.

"As our latest report underlines, there is a clear consensus amongst those in the know: Oxford Street is truly redefining what it means to be a thriving flagship retail and leisure destination, and creating a new blueprint for success along the way.

"By further prioritising the creation of welcoming and inclusive public spaces through the Oxford Street Programme, and continuing to welcome global investment into the street, Oxford Street is becoming more than just a retail destination; it is a vibrant, cultural and recreational hub whose success is integral to the future of London."

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