The Oxford Street overhaul is forecast to generate up to £2.8bn extra sales during the first five years after its completion, New West End Company (NWEC) has found.
The £90m revamp, which is due to start this autumn and predicted to complete by 2027, will see improvements to the shopping district including new trees, wider pavements, and better street lighting.
In January, the revamp was given the green light to kick off this autumn by two thirds of respondents to a consultation of local people, businesses, and visitors.
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NWEC chief executive Dee Corsi said: “Today, the street is redefining itself as a flagship destination for retail, leisure, culture and office space, with continued investments into infrastructure and increased demand from occupiers testament to the street’s enduring appeal and future potential.
“The Oxford Street Programme is a critical component of this once-in-a-lifetime transformation, and today’s figures confirm that the £90m investment being made will generate significant added value for Oxford Street, and the West End.”
The update follows an American candy store on Oxford Street having more than £55,000 worth of suspected illegal goods seized in a raid last month.
Trading Standards officers recovered 2,200 items, including fake designer mobile phone covers, a haul of vapes with twice the legal amount of nicotine, and sweets banned in the UK.
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