West End strategists have been discussing the future of Oxford Street at a London property conference, the Evening Standard reports. Their discussions focused on the east end of the street which will be transformed by the addition or redevelopment of 220,000 sq ft of retail space and the arrival of Crossrail at Tottenham Court Road.
People get as far as M&S then turn back says retail consultant
This section of the street has been in relative decline since the 1980s, a fact that is reflected in commercial property rental values, which are between a third and 50 per cent lower than those to the west of Oxford Circus.
The New West End Development Company is looking for a fresh strategy to revitalise the stretch of buildings and are being advised by retail consultant David Kenningham.
He said; “This end of the street does not look so good. The units are obsolete and too small and no building looks good enough for retailers to get excited.
“It’s all very run down. When people get as far as Marks & Spencer they tend to turn and head back west.”
However, this is about to change. Footfall has already increased by a fifth since Primark opened a large store in 2010 and it is certain to rise again when Zara opens one of its biggest UK outlets later this year. Mr Kenningham anticipates this trend continuing and he urges landlords to take advantage of the possibilities.
“As Oxford Street changes over the next few years the retail mix will become unrecognisable from today’s disappointing offer.
“We expect to see further development in the latter part of the decade as other property owners see the unbelievable opportunity in this area and move to create space that meets the needs of a new breed of retailers,” He said.
Meanwhile Debenhams has announced that its flagship Oxford Street store is to get a £40 million makeover to improve the drab 70s appearance.
The project involves covering the concrete exterior with 180,000 brushed aluminium panels that will move gently in the breeze creating an effect like ripples on water.
Debenhams marketing director, Richard Cristofoli, said that the idea came from a realisation that their brand presence on the street was “sub-optimal” and that the overhaul would “create an iconic building worthy of the street.”
The plans also include an interior refurbishment that will create Debenhams’ biggest ever shoe and lingerie departments and an extra floor of trading space. The project is being carried out in partnership with the owner, Land Securities, and is expected to be completed by Christmas.
Previous Post
Boris Johnson Confirms Silvertown Quays Regeneration
