Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.
Strolling along London’s Oxford Street is an exciting experience for a shopper. From Selfridges and John Lewis to a plethora of fast fashion stores, there’s something for everyone.
In fact, according to a new report, Oxford Street alone was responsible for 3.1 billion pounds in sales in 2023.
But a new wave of investments is set to elevate the already popular street to another level.
Per the report, Oxford Street will be central to the Oxford Street Programme, a 90 million pound project funded by the New West End Company, a firm that represents 600 businesses around Oxford Circus, and by Westminster City Council. The New West End Company authored the report with international real estate firm Colliers.
The program, which will start this fall and run until 2030, is responsible for revamping the streets across the West End neighborhood.
Noting a shift from transaction retail to immersive retail focused on experiential elements, the report emphasized the street’s international as well as domestic appeal.
“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,” Dee Corsi, CEO of New West End Company, said in a statement.
The program is estimated to boost sales 5%–10% every year, or about 2.8 billion pounds in additional sales by 2033.
“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,” Corsi said.