Oxford Street is planning ahead to put customers first
COMMENT: Over the next 1,000 days, £2.9bn is set to be invested into the West End, including vital infrastructure improvements, public realm enhancements and private sector investments. This will cement Oxford Street’s position as a global shopping and leisure destination that is consistently leading through innovation.
With Crossrail bringing 60m additional visits into the district once fully operational in 2021 and Westminster City Council committing £150m to reducing congestion, enhancing public spaces and improving air quality, we are forecasting that annual West End sales will surge to £13.2bn by 2022.
Part of this transformation is due to the new classification of Oxford, Bond and Regent Street as an “International Centre” in Westminster City Council’s and the Mayor of London’s draft city plans.
COMMENT: Over the next 1,000 days, £2.9bn is set to be invested into the West End, including vital infrastructure improvements, public realm enhancements and private sector investments. This will cement Oxford Street’s position as a global shopping and leisure destination that is consistently leading through innovation.
With Crossrail bringing 60m additional visits into the district once fully operational in 2021 and Westminster City Council committing £150m to reducing congestion, enhancing public spaces and improving air quality, we are forecasting that annual West End sales will surge to £13.2bn by 2022.
Part of this transformation is due to the new classification of Oxford, Bond and Regent Street as an “International Centre” in Westminster City Council’s and the Mayor of London’s draft city plans.
This new approach demonstrates the West End’s vital contribution to the UK economy; which currently generates more than £9bn in sales, employs more than 150,000 people and attracts in excess of 200m visitors a year. The “International Centre” definition is a real game-changer for the area and will provide a clear framework for advocating future West End growth policies.
The classification outlines specific policies for commercial development and flexibility of building uses, for the first time enabling ground floors and frontages to include leisure, cultural, community spaces, showrooms or hotels supporting more services and experiences for our consumers.
Furthermore, whole buildings will be utilised to serve the customer around the clock, while assuring that traders and property owners still remain good neighbours. West End businesses will be able to offer far more than just traditional retail, responding to consumer demand for new experiences. We estimate that more than 96,000 new jobs could be created as a direct result of the additional commercial space achieved through greater height and density of the buildings.
London’s West End is not beyond the wider malaise of the retail sector. However, this £2.9bn investment from the public and private sectors will catalyse the birth of a new West End and now is the time for the real estate sector to seize the opportunity.
In the next five years there will be more change than in the past 50 years, the customer will be so spoilt and the globe will look upon this transformation as a great case study in a true urban renaissance. It’s a truly transformative moment for the most renowned shopping and leisure centre in the world.
Jace Tyrrell is chief executive, New West End Company
