TK Maxx to Open New Oxford Street Flagship Store
European retail giant TK Maxx will open a second Oxford Street store at Mount Royal, leased by Great Portland Estates. The retailer will take 22,500 sq ft across the...
Read Full ArticleA new proposal from the Mayor of London could see Oxford Street become pedestrianised in a bid to regain its status as a leading retail destination.
The Mayor of London Sadiq Khan will establish a Mayoral Development Area and a Mayoral Development Corporation to facilitate the regeneration, which will have specific planning powers to take the scheme forward.
The proposal reimagines an Oxford Street that would rival other international high street destinations, such as Times Square in New York, the Avenue des Champs-Elysees in Paris and Las Ramblas in Barcelona.
“Oxford Street was once the jewel in the crown of Britain’s retail sector, but there’s no doubt that it has suffered hugely over the last decade. Urgent action is needed to give the nation’s most famous high street a new lease of life."
–Sadiq Khan
Mayor of London
Westminster City Council had previously created a £90 million public realm scheme for Oxford Street, with two-thirds of respondents to a consultation of local people approving the project in January 2024. It appears that the new pedestrianisation plans were only shared with Westminster City Council less than a week before it was made public. Stuart Love, Chief Executive of Westminster City Council commented: “ It will be important to receive further details about what is planned, including how long it could take to be delivered and how the concerns of local residents and users of the street will be addressed. We will want to know how they will benefit from any proposals, particularly given the practical challenges pedestrianisation may have for the wider area. As a custodian of the West End, our role will be to ensure that local voices are heard loud and clear.”
Picture: a CGI showing the proposed new pedestrianised Oxford Street at night with a lighting installation happening. Image Credit: The Mayor of London’s office
More than 500,000 people visit Oxford Street every day and the area generates approximately five per cent of the capital’s economic output. However, competition from out-of-town shopping centres and online stores, alongside the closure of flagship department stores such as HMW, House of Fraser, Topshop and Next means visitor numbers haven’t recovered since the pandemic.
Sadiq Khan, said: “Oxford Street was once the jewel in the crown of Britain’s retail sector, but there’s no doubt that it has suffered hugely over the last decade. Urgent action is needed to give the nation’s most famous high street a new lease of life.
“I am excited to be working with the new government, and local retailers and businesses, on these plans - that will help to restore this famous part of the capital to its former glory, while creating new jobs and economic prosperity for the capital and the country.
“I want Oxford Street to once again become the leading retail destination in the world. The transformation of Oxford Street will be a leading example of how working together – City Hall and the new government – we can build a better London for everyone.”
Picture: a CGI showing Oxford Street from above with a large pedestrianised areas in the centre, with green spaces, trees and hanging sculptures. Image Credit: The Mayor of London’s office
Article written by Ella Tansley | Published 19 September 2024
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