// Oxford Street is full of more empty shop units than the average British high street
// The famous shopping street’s vacancy rate is 16% – up from 13%, the average rate for high streets in central London
London’s Oxford Street is lined with more empty units than the average British high street, new data from Local Data Company (LDC) and Retail Week has revealed.
The vacancy rate on the famous shopping strip is higher than that of the average British high street and the rest of central London, according to the exclusive data.
A survey of the street last month revealed that 42 of Oxford Street’s 269 shops stood empty, a vacancy rate of 16% – up from 13% which is the average vacancy rate for high streets in central London and 14% for shopping streets across the rest of Britain.
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Regent Street also had fewer empty stores with 22 of its 165 units unoccupied, a rate of 13%.
The results show the number of empty shops on Oxford Street has risen since last year, when the recorded vacancy rate was 14%.
Despite reporting 500,000 daily visitors as London’s busiest shopping street, post-pandemic Oxford Street’s shine has dimmed with famous brands shuttering stores on the strip including Topshop, Debenhams and House of Fraser.
Several vacancies, including the iconic HMV building, have been filled with American candy stores on short-term lease agreements.
Last month, an LDC survey found that there are now 29 candy and souvenir stores open on Oxford Street, the same number of stores as there were at their peak in 2020.
Despite the downturn, a forecast by New West End Company said that London’s West End remains on track to reach an annual turnover of £10bn by 2025.
New West End Company chief executive Dee Corsi told Retail Week: “Despite economic headwinds and the cost-of-living crisis, year-to-date sales are up 56% compared to 2021,”
“Recent investment from new and existing brands, coupled with a strong development pipeline and a reduction in business rates, has increased appetite from new forward-thinking brands who want to come and reap the rewards of being in the district.
“This in turn is doing a good job of pushing out the low-level retail on Oxford Street that was exacerbated following the pandemic.”
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