Oxford Street sees a staggering half a million pedestrians a day walk its famous pavements, and with nearly 170 buses an hour rumbling down the street, alongside endless ranks of taxis, it’s no surprise that it bears the title “Europe’s busiest street”. Thankfully, it has been car free between 7am and 7pm every day for a long time. However, news on the block is that mayor Sadiq Khan wants to ban vehicles altogether as soon as 2020.
The long-awaited opening of Crossrail in 2018 is already set to increase retail spend by over 27%, while estimates on the impact a fully pedestrianised Oxford Street would have on the market put figures in the region of a 22% increase in footfall, with shopper dwell time and resulting sales predicted to grow by an impressive 38% compared to current levels. Which of course will increase shop profits, attract new retailers and generate rental uplift for landlords.
However, there will have to be a serious reduction in congestion, as simply shifting the traffic will create problems elsewhere; heavily affecting the nearby streets, along with a whopping 10,000 residents and businesses. Bus routes will need to be revised, and solutions generated around deliveries to buildings along Oxford Street itself, as well as how office and retail workers’ commutes will be affected. City management needs to be carefully reviewed, with sustainability playing a key role.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
