New West End Company boss Dee Corsi on why Oxford Street is still ‘the nation’s high street’

While its reputation as the UK’s most iconic and famous shopping street has remained, the last few years have not been golden ones for Oxford Street. 

The narrative around Oxford Street has been one of decline, with the headlines dominated by stories of an influx of candy stores and vape shops and a proliferation of once mighty retail names laid low and flagship stores left vacant. In 2022, Gymshark chose nearby Regent Street as the location for its first flagship, as did Nordic outdoor brand 66º North and Swiss sportswear brand On Running in 2023. 

But the story is changing. The famous shopping street has been earmarked for £90m of new funding to regenerate the area. New West End Company (NWEC) predicts this revamp will drive 5% to 10% in sales growth per year – up to £2.8bn in additional sales between 2027 and 2033.

NWEC chief executive Dee Corsi says the group has wanted to rejuvenate the public space on Oxford Street for years but “never quite got all the ingredients” to make it work until now. Wider pavements, green areas and respite areas will be introduced.

“We want people to have a nice experience when they come to the West End and Oxford Street,” Corsi says.

“We’re on a bit of an upward spiral as we had a rates revaluation at the start of last year, which reduced rates as it was just too expensive to be here.”

In the nearly eight years that Corsi has been with NWEC, she has seen the rise in ecommerce, Covid-19, the introduction of the much-maligned tourist tax and a spate of high street retailers shuttering stores. Despite all this, she still believes a diverse mix of retail, office, hospitality, leisure and cultural spaces is key to driving shoppers back to the area.

Diversifying the street

Several big retailers have started appearing on Oxford Street, including Pandora, Under Armour, Reserved, Miniso and Rituals, with Ikea, TK Maxx and Uniqlo setting up shop soon.

Perhaps most notably, HMV made a triumphant return after a four-year hiatus when it took over from a candy shop.

“For HMV to come back and take the place of one of our biggest candy stores has been quite monumental,” Corsi says.

“The candy stores are a short-term thing until owners get long-term sustainable brands that are the right fit for Oxford Street and these deals take time. Unfortunately, we have had candy stores but those things are changing now.”

According to the NWEC, ’low-quality retail’ − the tourist shops and candy stores that have cropped up all over the street – now make up just 1% of trading space along the thoroughfare.

“If you came to Oxford Street six months ago and then come back today, you will see new stores and new experiences opening, and the same will happen when you come in another six months”

Dee Corsi, NWEC

Corsi says it’s not only big-name retailers seeking out space on Oxford Street – the location has also become “more cultural”.

“At the east side of Oxford Street, we have the Outernet [events venue], then you have the Frameless Immersive Art Experience at Marble Arch, and then Boom Battle Bar in between,” she says.

“Then we’ve got some of the big old department stores that left us at the beginning of the pandemic, as the House of Fraser and Debenhams sites are now part of mixed-use developments being worked on.

“I say mixed-use because they’re absolutely retail but they’re also food and leisure and then upper floors are going to be offices.”

She adds that this brings an “exciting dynamic” to Oxford Street to show it’s a place for residents, visitors and office workers.

Wide appeal

Many retail destinations are having to adapt to what consumers want and the West End is no exception.

New flagships and innovative stores are popping up on Oxford Street to offer something fresh to shoppers and Corsi says this is all part of consumers wanting an experience when they shop.

“The aftermath of the pandemic showed that you want to have experiences, you want to go out with friends, so people are combining trips for retail with lunch and maybe popping into a museum or something else when they’re here and it just adds to the day out.

“We’re seeing people coming more frequently but people are staying longer.”

“The brands that we’ve lost probably weren’t agile enough or leading enough to make some of the changes needed”

Dee Corsi, NWEC

In fact, Oxford Street East is now the fastest-growing area in the entire West End, with footfall up 19% year-on-year in 2023. 

This growth has been boosted by the opening of the Elizabeth Line at Tottenham Court Road, which has brought with it new crowds.

“If you came to Oxford Street six months ago and then come back today, you will see new stores and new experiences opening, and the same will happen when you come in another six months,” Corsi says.

“The brands that we’ve lost probably weren’t agile enough or leading enough to make some of the changes needed but the ones we have now understand.

“I think what we’ve learned over the years is you can’t stand still as everybody’s looking at how they can be the frontrunner and how they can have something different. 

“That appeals to the consumer, so I think as long as people continue to invest in that, then we’ll continue to be the nation’s high street.”