COMMENT A curious phenomenon exists in urban planning: the notion that change is always for the better. Any step is by definition a step forward. Fix it even if it ain’t broke.
Residents of almost any town or city could name their own local version. The one-way system that chokes a whole town. The local railways or tramways ripped up only to be desperately needed 20 years later. The roundabout that’s dug up to make a better, faster junction, followed by two years of chaos and, eventually, slower traffic than before.
We believe in positive urban interventions, but only – this should be obvious – where they are for the better, and where a need for change truly exists – where a district has got out of balance somehow, or where commerce is stifled by physical problems.
Consider this in the context of the abundantly discussed – and politically fraught – plans to drastically alter Oxford Street, in particular the move to pedestrianise the street and divert all motor vehicles and buses around it.
Firstly, is the street struggling, and in need of such an intervention? Is something urgently needed to “breathe new life into Oxford Street”, as London mayor Sadiq Khan put it last month?
Look at the facts from the real estate perspective: the street is booming, with retail lease enquiries far exceeding available units and sales and footfall figures to draw the green-eyed envy of any high street in the country.
So much so that the Oxford Street: 2030 report, published last year by The New West End Company, identified the street as nothing less than the “single biggest contributor” to West End shopping, accounting for £3.1bn in sales in 2023. That’s 35% of the entire West End retail performance.
On any metric you choose, Oxford Street is not failing. It is not underperforming. Far from it.
True, the street noticeably suffered, perhaps disproportionately, post-Covid. Yes, its gloss has been somewhat dulled in parts by some downward shifts in the tenant mix: the cliché is about candy bars and vape shops.
And while the West End Company’s report last year highlighted the power of Oxford Street today, it did also make clear that the current programme of works under way or being considered at Oxford Street – including pedestrianisation plans – could drive sales upwards by 5-10%. Around £2.8bn in real terms. Not bad for £90m of investment.
In short, Oxford Street certainly isn’t broke, but it could be improved and enhanced.
No arguments there. We love any initiative that enhances London’s rich retail and leisure offer and makes for a better place to be.
But we still have questions.
Where would all the traffic go before it rejoins other major arteries nearby? (After all, Oxford Street is where it is and goes where it goes for very good historic reasons). What would happen to the many fleets of buses that pass down the street every hour? Would it spill over into Marylebone and Fitzrovia?
What’s the plan?
As the chair of the executive committee of the Soho Society told the London Assembly committee in April: “If there is a plan for pedestrianisation, we need to know how it would work, how it affects congestion, what it would do to the people who rely on the buses and taxis for access and on the businesses that need Oxford Street for access for their deliveries.”
If the consultation into the future of Oxford Street is going to be meaningful, it must include the views of the real estate professionals who understand the market, and who are talking to Oxford Street’s next retail brands. Change certainly mustn’t be pushed through in some political “power grab” that ignores residents and businesses in the area.
If, as Khan said, Oxford Street does need “bold action to restore its status”, then is pedestrianisation the only option? Or could the vehicles stay but other initiatives be brought in: more greening, wider pavements, more repurposing and redevelopment to shed to older, redundant spaces?
Or could we go even bolder, to the development of a reborn “Oxford Boulevard” to match any in Europe? If pedestrianisation is the answer, there has been talk of going even further by making Oxford Circus into a grand piazza with public realm space, seating, even a magnificent performance space.
It would be beyond bold. Well beyond the current vision. Perhaps too bold for a public body whose every penny of expenditure is scrutinised – and when Oxford Street certainly isn’t broken.
In such cases, we’re more inclined to believe the best solutions come when markets are left to thrive, without intervention of any kind. It’s served Oxford Street for decades, just look at the figures, right up to the present day.
But if bold actions are what it takes, there are plenty of options available. Chances to go further. Chances to transform and not just to fix. And the time to consider them is now.
Hannah McNamara is co-founder of P-Three
