The iconic House of Fraser building, a renowned department store located on Oxford Street, is about to undergo a major transformation, signifying another significant change for Europe’s once-busiest shopping street. The building owners have successfully obtained planning permission for a £100 million redevelopment project, which will involve converting a substantial portion of the space into office areas. This redevelopment aligns with the current trend among neighboring department stores, Debenhams and John Lewis, who have also repurposed sections of their premises into offices.
The responsibility for the redevelopment of the House of Fraser space at 318 Oxford Street lies with Public Properties Establishment. The exterior of the building will undergo an extensive refurbishment, while the upper floors will be repurposed as offices, resulting in a grand total of six floors dedicated to office spaces once the top sections of the building are demolished and rebuilt. Alongside the retail spaces on the lower floors, the redevelopment plans include the inclusion of a gym with a basement pool.
The COVID-19 pandemic has had a significant impact on Oxford Street, exacerbating the pre-existing shifts in consumer behavior within the retail industry. Many businesses have been forced to vacate their prime locations on the street, while others have voluntarily chosen to close their Oxford Street branches. These changes, combined with ongoing development projects and the temporary occupancy of candy stores in vacant spaces, have somewhat diminished the street’s allure as a top shopping destination.
Efforts to partially pedestrianize the street and create a more pedestrian-friendly environment have encountered challenges, further highlighting the difficulties Oxford Street is currently facing. Moreover, the acquisition of the former flagship Topshop store at Oxford Circus by Ikea emphasizes the dwindling emphasis on fashion within the street’s landscape.
Nevertheless, this does not signify the demise of Oxford Street. Decades ago, Regent Street experienced a similar plight, with a multitude of empty spaces and ongoing construction work. Today, Regent Street stands as one of London’s premier shopping destinations. Despite the changes happening on Oxford Street, it continues to attract forward-thinking brands. Superdry recently launched its new flagship store in the former Forever 21 space, proving that there is still a demand for retail presence on the street. While various developments, such as the House of Fraser redevelopment, focus less on fashion retail and more on offices or leisure, they ultimately contribute to increasing foot traffic in the West End, creating an environment that can prosper in the post-pandemic world.
Useful links:
1. The Guardian: Oxford Street and Mental Health
2. BBC News: Changing Face of Oxford Street
