A tranche of new retail and leisure space could be created in London’s West End as part of a new vision for Oxford Street.
New West End Company has today unveiled its recommendations for the transformation of the district as it bids to drive the evolution of the prime shopping region.
The study, titled A Future for the Oxford Street District, was launched at a London Real Estate Forum reception today.
It outlines a number of key recommendations aimed at driving the evolution of Oxford Street and the surrounding areas to “secure the future prosperity of the district” and create a more diverse area.
It comes as the West End prepares to welcome 260 million visitors per year following the full opening of the Elizabeth Line by 2019.
New West End Company said implementing the principles in its report would have “unprecedented” benefits in the area.
These include creating up to 30,000 new jobs over the next 15 years and generating up to £160m in revenue from additional business rates to reinvest in the West End.
Aspirations for Oxford Street
Among the key principles in its report, New West End Company aims to improve air quality, pedestrianise the region, breathe new life into the evening economy and increase the number of shoppers and visitors to the area.
New West End Company chief executive Jace Tyrrell said: “The West End’s businesses have an aspiration for Oxford Street district to be transformed from a single shopping street into a varied, entertaining and well-connected district.
“Their vision for the area is that it becomes a vibrant centre for civic life, culture and commerce with the world’s best retail district at its heart.
“Our study brings this to life and makes implementable recommendations for its realisation to ensure that the West End can compete with fierce international competition and leads the way as a global retail and leisure destination.”
Selfridges director of operations Sue West added: “This is a once-in-a-lifetime opportunity to reimagine one of the world’s most famous shopping streets as the world of retail continues to evolve.
“We have the opportunity to enhance Oxford Street’s standing as an integral part of a global shopping, cultural and commercial centre, restore its position as a focus for experimental design, culture, spectacle and entertainment, while at the same time maintaining its historic character, not least its links to its established residential neighbourhoods.”