New West End Company, representing over 600 retail, leisure, hospitality, and property businesses in the West End, has long championed the transformation of Oxford Street – known as the 'nation's high street'.
The Mayor of London's announcement of a bold vision for Oxford Street is a welcomed move, highlighting the critical role the street can play in driving growth in London and the UK. Deputy Prime Minister, Angela Rayner's support emphasizes Labour's commitment to boosting economic growth through revitalizing high streets.
Boosting Economic Growth
Unlocking Oxford Street's potential is key to delivering a significant boost to the local economy in the West End, London, and nationally. With its impressive scale and diverse offerings, Oxford Street stands as a powerhouse destination that contributes significantly to the UK's economic output.
Evolution and Development
Recent developments such as the opening of Elizabeth line stations and the transformation of former department stores have fueled momentum on Oxford Street. Businesses are adapting to meet evolving visitor needs, offering immersive experiences that have led to a substantial increase in store space for retailers.
Enhancing Public Realm
A crucial aspect of Oxford Street's transformation is the improvement of its public realm. Enhancements in public spaces are not only aimed at enhancing visitor experiences but also at driving growth for businesses, creating more job opportunities, and increasing demand for suppliers across the UK.
Driving Economic Growth
Research suggests that significant public realm improvements could result in a 10% annual sales growth on Oxford Street alone. Collaboration with local stakeholders and authorities will be essential to ensure that the Mayor's ambitious vision for Oxford Street is successfully implemented in the near future.
Striving for Success
It is evident that a revitalized public realm is essential for securing Oxford Street's position as a global retail, leisure, and hospitality destination. The collective effort to bring the Mayor's vision to life promptly will fuel investment, growth, and job creation, making this ambitious transformation a reality.