Superdry boss Julian Dunkerton has warned Oxford Street “needs serious help” after the busy road has been left in disarray from the rise of American Candy Stores and empty shop units.
The chief executive told The Telegraph the street “needs some serious help if it is going to remain one of the world’s leading shopping streets”.
Dunkerton suggested pedestrianising the street or adopting a more “joint up approach to planning and zoning to avoid the proliferation of temporary shops”.
The Superdry boss also joined Frasers Group chief executive Michael Murray in calling for an overhaul of business rates.
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Murray told The Mail earlier this month that sky-high rents and business rates where driving retailers away.
“I can understand why retailers aren’t investing there, it’s not the most profitable location,” he said.
“Oxford Street really needs investment and rents to come down to stimulate brands to increase their presence.”
Data from Local Data Company (LDC) and Retail Week shows that Oxford Street is lined with more empty units than the average British high street.
A survey of the street revealed that 42 of Oxford Street’s 269 shops stood empty, a vacancy rate of 16% – more than the 13% average vacancy rate for high streets in central London and 14% for shopping streets across the rest of the UK.
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