The business lobby group that represents 600 retailers in London’s West End precinct has unveiled a new vision for Oxford Street that would create 27,000 new jobs.
New West End Company revealed its recommendations for the shopping strip’s transformation with the launch of a business study called A Future for the Oxford Street District at a London Real Estate Forum reception today.
The study outlines key recommendations to drive the evolution of the Oxford Street district to secure its future prosperity by setting out a plan that would accommodate the 260 million projected annual visits after the full opening of the Elizabeth Line — or Crossrail — by 2020.
The recommendations also features plans to open new office, retail and leisure space, and also address key issues such as traffic free zones and air quality, the evening economy, and public realms.
The New West End Company believes that implementation of the report’s recommendations would create at least 27,000 new jobs in the next 15 years.
It would generate up to £206 million in planning contributions for Westminster City Council and the Mayor of London and up to £160 million in additional annual revenue from business rates to invest in West End priorities and improvements.
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The report will form the basis of New West End Company‘s official response to the consultation launched in April by Westminster City Council and Transport for London on the transformation of Oxford Street.
“The West End‘s businesses have an aspiration for Oxford Street district to be transformed from a single shopping street into a varied, entertaining and well connected district,” New West End Company chief executive Jace Tyrell said.
“Their vision for the area is that it becomes a vibrant centre for civic life, culture and commerce with the world‘s best retail district at its heart.
“Our study brings this to life and makes implementable recommendations for its realisation to ensure that the West End can compete with fierce international competition and leads the way as a global retail and leisure destination.”