£90m funding to revamp Oxford Street gets green light

Westminster City Council (WCC) last night signed off £7.7 million of first stage funding for a £90 million revamp of Oxford Street, with construction work expected to start in autumn 2024.

The council has agreed to fund £45 million of the cost of the revamp – with the New West End Company (NWEC) covering the other half - in what is a Memorandum of Understanding agreement “to restore one of Europe’s premier shopping destinations to its former glory”.

The plans cover the entire 1.12 miles of Oxford Street - from Marble Arch to Tottenham Court Road - with key features including improved footways, greening and seating.

Junctions joining the street, including at Oxford Circus, will be redesigned to create more space for pedestrians and the council will instal 12 new controlled pedestrian crossings as well as improving 45 existing crossing points. Additional schemes will further enhance surrounding streets and key locations.

Councillor Geoff Barraclough, Westminster City Council’s Cabinet Member for Planning and Economic Development, said: “After years of abandoned schemes, we are now about to finally get under way with a deliverable plan to breathe new life into Oxford Street. With the support of our partners at NWEC, we now have a coalition of the council, retailers, landowners, and others in place to develop a practical but also ambitious plan.

“The West End constantly needs to adapt if it is to continue to be a draw to shoppers. The buzz is definitely back on Oxford Street, with brands like IKEA and HMV taking up space, and the prospect of new galleries and arts spaces will make it a great all-round experience.

“The UK’s high street needs to be a place that local communities, residents, and visitors can feel pride in. The New West End Company and Westminster City Council have a long track record in successful collaboration, and together with local communities we will work to ensure it remains a prime visitor attraction.”

Dee Corsi, Chief Executive Officer of the New West End Company, added: “We are delighted to be working with Westminster City Council and our members on the enhancement of Oxford Street’s public realm. This is just one part of a bigger, once-in-a-lifetime, opportunity to regenerate one of the world’s most iconic retail and leisure destinations.

“We are confident that the proposed plans, that have been well received by both the local community and businesses, will catapult it into the twenty first century. Hot on the heels of the completion of the Elizabeth Line, that has supported 73 million journeys to the district since opening, the partnership between NWEC and WCC will improve and enhance the visitor experience from the moment our visitors arrive on Oxford Street.

“Alongside ambitious mixed-use developments, experiential retail and immersive leisure offerings, an improved public realm is the missing centre piece of the jigsaw that will ensure long term sustainable growth.”