The plans are aimed at rejuvenating Oxford Street to drive London’s economic prosperity

By:
Pramod Thomas

LONDON mayor Sadiq Khan on Tuesday (17) set out proposals to transform Oxford Street by turning the city’s world-famous shopping hub into a traffic-free pedestrianised avenue.

The plans, backed by the new Labour government, are aimed at rejuvenating Oxford Street to drive London’s economic prosperity and regain its status as the “leading retail destination in the world”.

“Oxford Street is a world-renowned shopping destination and we want it to stay that way. By working with the Mayor and local leaders, we can ensure it gets the boost it needs,” said deputy prime minister Angela Rayner.

“This plan to revitalise Oxford Street will drive growth by creating new jobs, generating economic activity, and giving a much-needed boost to London’s night-time economy.”

Khan has previously also tried to implement changes to Oxford Street but claims to have been blocked by the then Tory administration.

“Oxford Street was once the jewel in the crown of Britain’s retail sector, but there’s no doubt that it has suffered hugely over the last decade. Urgent action is needed to give the nation’s most famous high street a new lease of life,” said Khan.

“I am excited to be working with the new government, and local retailers and businesses, on these plans – that will help to restore this famous part of the capital to its former glory, while creating new jobs and economic prosperity for the capital and the country. I want Oxford Street to once again become the leading retail destination in the world.”

According to the mayor’s office, Oxford Street attracts more than 500,000 visitors daily and generates approximately five per cent of the capital’s economic output – the equivalent of £22.75 billion in 2019. It is home to numerous flagship stores, including Selfridges and John Lewis, as well as being a key commercial centre.

“Although Oxford Street remains a vital part of the UK’s tourism, leisure and retail offer, generating revenue for the exchequer that is reinvested across the country, it is in need of major regeneration. Competition from online retailers and out-of-town shopping centres, the closure of flagship department stores, and the prevalence of ‘candy stores’ have put significant strain on Oxford Street’s attractiveness, while tourism numbers have not fully recovered since the pandemic,” notes an official statement from the mayor’s office.

“The Mayor is determined to re-invent and transform Oxford Street, working with businesses and Westminster City Council to create one of the finest public spaces in the world and making the area substantially greener, cleaner and safer for everyone.”

The mayor’s proposals claim to be designed to deliver a “much-improved” experience for shoppers, residents, workers and tourists visiting Oxford Street and the surrounding area.

Supported by government ministers, the mayor’s office confirmed that Khan intends to designate a Mayoral Development Area to bring forward the regeneration of Oxford Street.

As part of this, the mayor is proposing that a Mayoral Development Corporation (MDC) is established, which will have planning powers to provide the framework for delivery of a world-leading scheme that works for residents, visitors and businesses in the West End of London.

“The West End, a key driver of the UK’s economy, generates 3 per cent of the nation’s economic output and is central to our city’s retail, leisure, and hospitality sectors. The Oxford Street MDC represents a major leap in unlocking its full potential. This revitalisation will not only enhance Oxford Street but also bring economic benefits to all Londoners and the wider UK economy,” said Dee Corsi, chief executive of New West End Company.

The Mayor believes his proposals would turn Oxford Street into a more attractive and thriving modern retail and leisure destination attracting more tourists, increasing footfall and spending.

“It’s likely this would generate additional economic activity and increased tax revenue, as well as boosting London’s night-time economy, meaning that it can once again compete with other international high street destinations, such as Times Square in New York, the Avenue des Champs-Elysees in Paris and Las Ramblas in Barcelona,” the Mayor’s Office added.

(PTI)