According to Dee Corsi, the CEO of The New West End Company (NWEC), Oxford Street is set to make a comeback as one of London’s most iconic shopping destinations. Corsi represents West End retailers and believes that the area is on the verge of something “special” and “exciting.” This positive outlook is attributed to store development and an increase in international tourism, which indicates a return to better times for this famous shopping district.
In recent years, Oxford Street has faced challenges due to the closure of flagship stores such as Topshop, as well as the rise of American Candy stores. Additionally, the shift towards hybrid working has impacted footfall in the area. However, Corsi claims that the shopping district is on track to regain its historic revenue levels by 2025, driven by the influx of international tourists.
Corsi highlights that the average transaction value is currently strong, with March sales surpassing those of 2019 by 6%. This growth can mainly be attributed to international visitors. Although footfall remains below pre-pandemic levels by 20%-30%, Corsi emphasizes that the footfall that does occur is converting into spending, which is a crucial point to note.
However, statistics from the Office for National Statistics (ONS) reveal that 40% of Londoners now engage in hybrid working, affecting footfall during lunchtime. On the other hand, weekends are experiencing a resurgence, with Saturdays being particularly busy. Corsi believes that capitalizing on Sunday spending could be a game-changer. She and the Knightsbridge Partnership have called on the government to relax Sunday trading restrictions, potentially generating an estimated £350 million annually. Removing the current restrictions, which only allow shops to trade between 10 am and 6 pm on Sundays, would make London globally competitive.
Corsi sees this as an opportunity to address the cost-of-living crisis and provide individuals with the chance to earn extra income on Sundays. By extending trading hours, London could attract more shoppers and boost its economy without any cost to the government. Corsi hopes that the government seriously considers this growth measure.
Overall, Corsi’s optimism stems from the evolving landscape of Oxford Street. The remaining retailers are investing in creating unique experiences to attract customers back to the high street. With the support of international tourism and a focus on increasing sales, Oxford Street is ready for a vibrant revival. The future looks promising for London’s iconic shopping district.
Useful Links:
1. Oxford Street Shopping Guide
2. The New West End Company
