Oxford Street’s Evolution Must Maintain Momentum for the Success of the West End

Posted by Colliers on 13th March 2024 -

In the Oxford Street 2030 report launched this week, a joint paper published by the New West End Company (NWEC) and Colliers, we showcase the street’s considerable influence over the success of the West End as a whole. 

The paper takes a look at the transformation of Oxford Street that is set to be bolstered by significant public and private investment into the public realm, infrastructure and the changing uses of retail space. Our LocateVenues research benchmarks retail across the country to consider scale and mix of venues, presence of multiple retailers and the price positioning of the offer. When looking at analysis for the report, we highlighted how the West End as a whole has a greater geographic draw of trade than competitor catchments. What this means for retailers and brands is that a store in the district provides the greatest level of exposure to UK consumers. 

Drilling down into the performance of Oxford Street, our most recent Annual West End Turnover Report estimated that Oxford Street captured £3.1 billion in retail sales alone in 2023 – or approximately 35 per cent of all West End sales.

Not only is Oxford Street itself doing well, it also has an important halo effect for the surrounding district, with at least 33% of those who visit Oxford Street also visiting either Mayfair, Bond Street or Regent Street as part of a trip into the West End. This element is often overlooked when discussing the future of the street, and it is something that will only be enhanced by the planned public realm improvements and infrastructure investment.

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