The Oxford Street: 2030 report has shown that the famous shopping strip is the largest single component of the West End, both in terms of scale of offer and share of spend and visits – making it the single biggest contributor to the area.
The report, jointly launched by The New West End Company and Colliers, brings together leading voices from across retail, placemaking and property for the first time to discuss the transformation taking place on Oxford Street.
Colliers’ most recent Annual West End Turnover Report estimated that Oxford Street captured £3.1bn in retail sales alone in 2023 – approximately 35% of all West End sales, the highest share of any component part of the district, including Bond Street and Regent Street.
The report revealed that Oxford Street also has a powerful halo effect for the rest of the district, with at least 33% of those who visiting the retail hotspot Street also visiting either Mayfair, Bond Street or Regent Street as part of a trip into the West End.
Across five chapters, the report features senior spokespeople from the likes of Selfridges, HMV and Ikea as it looks at the various drivers of Oxford Street’s revamp and outlines how it is leading the way in redefining what it means to be a flagship retail and leisure destination.
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It also features new analysis from Colliers about the role Oxford Street plays in the wider West End, and the extra sales expected to be made as a result of the street’s £90m public realm enhancement programme.
The new data indicates that the Oxford Street programme, delivered in partnership by New West End Company and Westminster City Council, will drive between 5% to 10% sales growth for Oxford Street each year, once completed.
This amounts to up to £2.8bn in total extra sales for Oxford Street, and will reportedly likely have a halo effect on the wider district.
New West End Company CEO Dee Corsi said: “Oxford Street’s transformation is well underway – and its future is being created by businesses, property owners and investors who recognise the opportunities that the “nation’s high street” can unlock.
“As our latest report underlines, there is a clear consensus amongst those in the know: Oxford Street is truly redefining what it means to be a thriving flagship retail and leisure destination, and creating a new blueprint for success along the way.”
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