There was a time when Oxford Street’s reputation had fallen to such an extent that many regarded it as a dismal shopping destination. Today, thanks to what has been described as a ‘phoenix-like transformation,’ Europe’s busiest shopping street is booming once again with this year’s sales figures forecast to break the £5 billion barrier.
According to CBRE, turnover at Oxford Street’s 300 shops rose by 6.2 per cent in the first half of the year, easily outstripping the two Westfield malls and doubling the figure for the whole of Birmingham.
Property consultant David Kennington believes that three factors in particular have contributed to this transformation. These, he says, are the regeneration of Topshop, the improving fortunes of Selfridges and the huge success of the street’s two Primark stores.
In addition John Lewis has undergone an extensive refurbishment while the Debenhams department store is currently undergoing a £40 million makeover which includes a spectacular façade of shimmering metal tiles.
Oxford Street has also benefitted from improvements to Regent Street and Bond Street, with shoppers coming into the West End to visit all the big three destinations. Even on the east end of the street, once dominated by tatty shops catering for tourists, change is coming in the shape of 220,000 sq ft of new space earmarked for development.
Kennington says that, in 25 years of involvement in the London property market, he has never seen the West End as strong as it is today.
“London is the place where retailers want to be, a global city, a gateway to Europe. More importantly, it is where people want to shop. A place to see and be seen.
“They come here to see the stores they hear and read about. In the afterglow of the Olympics and as the world economies slowly recover, London will be at the top of their list of places to visit,” he said.
Oxford Street is anticipating a further rise in visitor numbers during London Fashion Week which takes place in the first week of September. This is expected to provide a boost to sales in the region of £40 million.
