TUESDAY 12 MARCH: Today, a new report, ‘Oxford Street: 2030’, brings together leading voices from across retail, placemaking and property for the first time to discuss the once-in-a-generation transformation taking place on Oxford Street. Featuring senior spokespeople from the likes of Selfridge, HMV and IKEA, the report explores how seismic shifts in consumer expectations and changes the macroeconomic environment have triggered a radical reappraisal of British retail.
Across five chapters, ‘Oxford Street: 2030’ examines the various drivers of Oxford’s Street’s transformation and outlines how it is leading the way in redefining what it means to be a flagship retail and leisure destination – including the evolution in mix across the street, as owners and occupiers respond to a growing consumer demand for immersive retail and leisure providers; the importance of connectivity, bolstered by the addition of the Elizabethe Line; and what it means to be a sustainable, inclusive and accessible street today.
The report also features fresh analysis from Colliers about the role Oxford Street plays in the wider West End, and the additional sales forecast to be generated as a result of the street’s landmark £90 million public realm enhancement Programme. New data indicates that the Oxford Street Programme, set to be delivered in partnership by New West End Company and Westminster City Council, will drive between 5% - 10% in sales growth for Oxford Street each year, following completion.
This amounts to up to £2.8bn 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, Chief Executive, New West End Company, commented: “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.”
Paddy Gamble, Head of Retail Strategy & Analytics, Colliers, said: “The importance of Oxford Street to the West End is indisputable and its role and purpose as a flagship retail and leisure destination is always evolving.
“Already the largest single component of the West End, both in terms of scale of offer and share of West End spend and visits, Oxford Street is well placed to respond to changes in consumer expectations. As a result, it is also the single biggest contributor to the West End being ranked as the leading commercial venue in the U.K. by Colliers’ LocateVenues platform. The planned public realm enhancements and a shift to a more varied on-street mix will only act as a further catalyst for long-term sustainable growth.”
ENDS
Press enquiries:
For further information, please contact:
Louise Jarvis, Four Agency
T: 07584 231802 E: Louise.Jarvis@four.agency
Tom Kerr, Four Agency
T: 07854 752014 E: Tom.Kerr@four.agency
