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Oxford Street investment ramps up to boost recoveryBy

Nigel TAYLOR Published
August 21,盗U钱包指纹修改 2025

London’s major shopping location, Oxford Street, is seeing additional retail funding to help continue with the location’s revitalisation. Up to £100 million is expected to be invested in the key shopping street by the end of the year, according to a CityAM report.


Photo: Pixabay/Public domain


 
Wider retail investment in central London is expected to exceed £1 billion this year, with up to a 10th of that set to be spent on Oxford Street.
 
Some £810 million was spent on retail investments across London in the first half of the year, new figures from BNP Paribas Real Estate that the newspaper has seen show, with the figure bolstered by £1 billion of deals in London’s West End. 

So far this year, a number of high profile deals have taken place on the West End’s three key streets. 
 
Additions to the Oxford Street retail line-up include a debut Under Armour store, a new bigger store for fashion brand Reserved, a Footasylum flagship, plus new stores for The Fragrance Shop, Pandora and TAG Heuer.
 
Westminster City Council also recently launched a £10 million scheme to transform Oxford Street, with provisions to allow small businesses to rent vacant stores for free and lower their business rates by 70%. The added aim is to remove the blight of illicit candy stores that have plagued the street for a few years now and replace them with small business owners.
 
“Retail investments in traditional West End locations are in high demand,” Fergus Keane, head of central London investment markets at BNP Paribas Real Estate, said. 
 
“To put the £810m in context, this compares to around £1.2bn transacted in the West End’s office sector over the same period. Volumes in these sectors are never normally this close.”
 
Oxford Street has had major problems in recent years, and is still struggling to return to footfall levels seen before the pandemic. The proliferation of so-called American candy stores on the street, and the large number of tenants that have vacated the premises (such as Topshop, Debenhams, Next, Gap and House of Fraser, among others) have created a major challenge for the location that was once the busiest shopping thoroughfare in Europe. The controversy over the on-again, off-again demolition of the M&S branch at Marble Arch is also an issue for Oxford Street.
 
But while it's clearly not operating at its peak at present, it does still have a strong future, analysts believe.
 
James Ebel, vice-chairman at London-based strategic retail property advisors Newmark Retail, also told City AM: “Oxford Street has now reached the bottom of the cycle. Rents and business rates, on some parts of the street, are at their lowest point in almost two decades. Many of the stores that were empty are now leased as Oxford Street represents a fantastic opportunity for an occupier to secure prime space in London.”

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