It’s a rite of passage to come out of Oxford Street station keen to shop, only to nearly be taken out by a bus or a black cab within seconds as you navigate the crowded pavement.
However, those new to London will have to find a new rite of passage (there are plenty) with Mayor Sadiq Khan’s £150 million investment in the pedestrianisation of the famous high street. We’ve seen the criticisms around traffic and the fallout for surrounding streets, but with the UK high street at a pivotal moment in its evolution, I think going car-free in this part of the capital’s centre is the bold move the industry needs to prove that active investment in physical retail delivers results.
The first week of data following pedestrianisation painted an incredibly positive picture – albeit slightly inflated by half-term and people eager to walk the new street – with spending up 28% year on year. For an iconic destination like Oxford Street, rerouting cars and buses offers a key opportunity for something we speak with clients about all the time at Redwood: experiential retail. Not only does pedestrianisation remove the need to dodge traffic as you leave the Tube, but it also creates room to dwell and linger, and for brands to deliver clever activations and experiences. That’s key to getting an increasingly convenience-led online consumer into stores and to tills.
Oxford Street is a special example, as it’s one of the few high streets in the UK that can still function as being predominantly retail-led. In other areas, we’re seeing offices, healthcare and leisure included as anchors. These are places where full pedestrianisation might not quite be the solution. On Oxford Street, pedestrianisation aids discovery, and the opportunity for commercialisation, events and experiences that give people another reason to visit, spend and stay is huge.
At one end of Oxford Street, our clients at Marble Arch London BID have showcased how creative activations in pedestrian areas can do just that. Since Covid, the space outside the iconic arch has hosted padel, Coronation crowns, breakdancing, and now a theatre all of which have helped to improve the experience for visitors and have had a positive impact on surrounding retail and F&B operators.
For Oxford Street, pedestrianisation is only the first step. Now landlords, brands and Westminster Council must come together to make the most of that space and build on the momentum and excitement – and what better time than the festive season?
One thing I hear lots of people – particularly my Gen Z generation- talking about is the need for ‘third spaces’. Not the fancy gym brand, but a social environment that isn’t your home or workplace and which helps to foster a sense of community. A newly pedestrianised Oxford Street can now be a model for that type of space.
Oxford Street is a key example of what investment and a passion for rethinking a high street to cater to the modern-day consumer can achieve. It’s not a roadmap for high streets everywhere, but it is, for the moment at least, a shining example of what the future of physical retail should look like in an online world.
Image credit: Marble Arch BID
