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Nigel TAYLOR Published
February 26, 2025
There’s confirmation that London’s Oxford Street is bouncing back with new stores opening and a reduction in the candy store blight along the UK capital’s famous shopping thoroughfare.
The proportion of vacant stores now stands at 9.3%, down from 15.6% last year and the lowest level since 2025, according to research by the Local Data Company (LDC). Meanwhile the number of candy/souvenir stores has dropped from 29 to 24.
Vacancy levels at the east end of the street, near the revamped Tottenham Court Road, have fallen to 5.1% while the west end, near Marble Arch, is lagging with 12.5% of stores still vacant.
The revival of the central London shopping street has been boosted by the full reopening of Tottenham Court Road station at its eastern ending the official opening of the Elizabeth line.
Meanwhile, new openings over the past year include Under Armour, Footasylum, Dr Martens, Steve Madden and the beauty brand Rituals.
Earlier this month, plans were announced for the 34,000 sq m former House of Fraser store site but the future of M&S’s Marble Arch flagship remains in the balance although a decision by a high court judge is due shortly.
Other attractions to the street include the return of the HMV music store, Ikea’s new store due to open in the former Topshop building near Oxford Circus this autumn and Moco, the contemporary art museum that has sites in Barcelona and Amsterdam and has secured a spot on the street.
Lucy Stainton, commercial director at LDC, told The Guardian newspaper: “For context, as we headed into 2025 we saw vacancy on high streets across the UK start to creep back up again which makes the stark reversal of empty units on Oxford Street even more remarkable.
“With the number of souvenir and ‘American candy stores’ also reducing at the same time, the data is showing a much more positive picture for one of Britain’s most iconic and well-known shopping streets.”
Dee Corsi, CEO New West End Company trade body, added that the street was “being radically reimagined… Nearly one million square feet of space is under development on the street, as investors look to create new experiences which resonate with the customer of tomorrow.”