Oxford Street revamp to deliver £2.8bn in sales by 2033

Set to begin in autumn 2024, delivered in partnership by NWEC and Westminster City Council, the Oxford Street Programme will deliver improvements to the major shopping destination such as wider pavements and new trees.

Changes to the layout of the street on the section between Marble Arch and Tottenham Court Road will also include improved street lighting and more spaces for shoppers to sit and rest.

New loading areas, taxi ranks and cycle and e-scooter parking will be added, while central traffic islands and redundant bus stops will be removed.

Despite some criticism – Richard Scott of retail property specialists Nash Bond said in July 2023 that the plans did not "go far enough" because of a lack of pedestrian-only spaces, for example – on 8 January the investment was approved for construction to begin in autumn 2024 and is expected to be completed in 2027.

NWEC chief executive Dee Corsi said: “Oxford Street has long been at the epicentre of retail innovation – a must-see shopping destination for both international and domestic visitors, and a coveted address for businesses.

“Today, the street is redefining itself as a flagship destination for retail, leisure, culture and office space, with continued investments into infrastructure and increased demand from occupiers testament to the street’s enduring appeal and future potential.

“The Oxford Street Programme is a critical component of this once-in-a-lifetime transformation, and today’s figures confirm that the £90m investment being made will generate significant added value for Oxford Street, and the West End.”

Councillor Geoff Barraclough, cabinet member for Planning and Economic Development, Westminster City Council, said: “We need everyone to be on board with creating an Oxford Street fit for the future; collaboration and partnerships are key to delivering a district that works for visitors, residents, retailers, and investors.

“Oxford Street generates 5% of London’s GVA, so its economic success is critical to the commercial wellbeing of London and the wider UK economy.

“We all need it to remain modern and attractive to tourists, investors, and people who call Westminster home. That is why our partnership with New West End Company to deliver the Oxford Street Programme is so pivotal, with the proposed improvements to the street securing its reputation as a global retail and leisure destination.”

In 2023, Oxford Street saw more than 20 new store openings, including footwear brand Dr Martens' 100th EMEA fascia and sportswear label Under Armour's Brand House flagship.