Comment: Oxford Street could finally deliver
Oxford Street remains well down my preferred shopping streets in London. Apart from the fact it has historically had few shops of interest to me – this is improving – the main reason for its lack of appeal are the crowds.
I’m not alone in finding the massed throngs a major bugbear of this world-recognised shopping thoroughfare. Mayor of London Sadiq Khan is equally frustrated by the traffic clogging up the road and also cutting across it from innumerable side roads that squeezes people onto the pavements. After many false dawns on pedestrianising the street the Mayor is now determined to deliver on this objective and is to remove vehicles from a 0.7 mile stretch of Oxford Street as soon as possible.
He has long-standing opposition to his scheme, namely from groups focused on the question of to where the road traffic will disperse, but there is an incredible amount of support from businesses on the street and Londoners. There is also a great preference for pedestrianised streets by tourists and domestic visitors, according to research commissioned by developer Tristan Capital Partners (TCP), which found 63% of UK residents visiting the capital are more likely to choose a café or restaurant on a pedestrianised street when visiting the city for leisure.
TCP’s Sicilian Avenue with its mix of hospitality attracts an impressive 70,000 daily visitors and is close to reopening in London’s Bloomsbury after a major overhaul. The hope is the appeal of this iconic car-free street will be replicated on Oxford Street once traffic is removed.
Subscribe to TRBIt will have a potentially revolutionary effect with an undoubted influx of cafés and restaurants appearing that will fuel a bonanza of al fresco eating and drinking. Up until now dining and drinking around this major retail thoroughfare had been on the quieter side streets but the pedestrianisation represents a tremendous opportunity for hospitality to flourish on the street itself. The Mayor undoubtedly remembers the success of the post-pandemic scenario on many of London’s streets when licensing rules were briefly relaxed and al fresco eating and drinking flourished.
This hospitality revolution on Oxford Street will be massively complementary to the retail offering. It is a fact that food and drink has been an increasingly important part of the mix on high streets and in shopping centres and the opportunity for new operators to come in and provide dining facilities in a convivial setting will be a massive driver of footfall that will serve all retailers on the road very well.
Clearly there is also the opportunity for retailers to expand their own hospitality offerings (or develop new ones) onto the street although there will no doubt be much discussion and debate about how the external space is ultimately carved up.
The Mayor’s move looks to be very well timed as it coincides with the much-needed renaissance that is taking place on Oxford Street. Notably IKEA has just opened its new store along with Abercrombie & Fitch and Søstrene Grene (albeit on a side-street). There has also been big commitments to the road from existing tenants including Nike, Pull & Bear, Moss Bros and Vans.
The proposed pedestrianised stretch will run from Orchard Street – close by Selfridges at the western end of Oxford Street – to Great Portland Street, which includes Oxford Circus and the John Lewis department store. This will undoubtedly stir up debate for those retailers lying on the strip running eastwards from Great Portland Street to Tottenham Court Road that has enjoyed an influx of new retailers in recent years. It looks like they will miss out on the party.
Clearly there is lots of water to flow under the bridge – or traffic down the road – before the pedestrianisation scheme becomes a reality but the Mayor’s announcements of intent have hopefully sounded the starting gun on a process that will ultimately herald the beginning of a new golden era for the road that has perennially under-delivered.
