Oxford Street revamp to bring in 2.8 billion pounds by 2033

An ongoing revamp of London’s Oxford Street is reportedly set to bring in up to 2.8 billion pounds in total additional sales to the West End between 2027 to 2033, according to new data by New West End Company (NWEC).

The organisation is currently carrying out a 90 million pound transformation project alongside Westminster City Council to enhance the shopping landmark, where it is expecting between 5 to 10 percent annual sales growth during the period.

In a release, CEO of NWEC, Dee Corsi, said: “Oxford Street has long been at the epicentre of retail innovation – a must-see shopping destination for both international and domestic visitors, and a coveted address for businesses.

“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 data comes as part of an upcoming report by the NWEC titled ‘Oxford Street: 2030’, in which the firm will explore the evolution of the street and provide information on how the shifts in consumer expectations have “triggered a necessary reappraisal of British retail”.

The ongoing project coincides with an influx of new openings on the street, which during and after Covid saw many of its retailers shutter and has continued to struggle with vacant lots since.