Reports of the death of Oxford Street and the UK high street more generally have been greatly exaggerated. But to ensure its future, the district must look to diversify its retail offering in order to truly thrive.
The negative impact Covid-19 has had on the West End is undeniable. Retailers and hospitality businesses have been starved of customers for extended periods of time, forced to pause their business operations sometimes at a moment’s notice.
But this pandemic will not see the end of the nation’s high street. This past year has shown us that the West End is nothing if not resilient and we remain confident that we will not only survive this latest lockdown, but bounce back to the thriving hub that is so often seen as the country’s shop window to the rest of the world.
We must see our current situation as an opportunity to evolve, bringing in a host of other businesses – from experiential and offices to cultural and leisure – that will allow existing and new retailers to flourish.
“Those that have suggested the traditional make-up of the high street may flounder post-Covid are not wrong, but to suggest this signals an end to physical retail altogether is short-sighted”
We have already seen a variety of new occupiers choosing Oxford Street in recent years, with previously empty units being transformed into successful entertainment and experiential spaces: Swingers crazy golf, Market Halls food market, Microsoft’s experiential store and the soon-to-be-opened 1Rebel gym, to name just a few.
Those that have suggested the traditional make-up of the high street may flounder post-Covid are not wrong, but to suggest this signals an end to physical retail altogether is short-sighted.
We can create an altogether stronger and more exciting high street that caters to the needs of the ever-evolving consumer.
The international centre status that we helped secure for the West End last year, as cited in both Westminster City Council’s and the wider London City Plans, will allow for far greater flexibility in planning and for different uses to start appearing on ground floors and in buildings.
From showrooms and galleries, to restaurants and experiences, the new planning regulations for international centres will bring a new lease of life to the West End and enable the district to respond to ever evolving customer demands both locally and globally. There is a new Oxford Street emerging where the likes of a Tesla showroom would be welcomed with open arms.
It is also true to say that the district has historically been reliant on tourists – a group in short supply at the moment.
However, there is light at the end of the tunnel. A VisitBritain survey last month revealed that three-quarters of travellers from our core source markets intend to travel by September this year, signalling an encouraging boost in footfall and spend – numbers that are set to be boosted further with Crossrail opening.
Businesses and local authorities alike have rallied to protect the future of the West End, as shown by the £150m Oxford Street District Transformation project spearheaded by Westminster City Council, which the area will benefit from this year.
The ambitious project will enable the iconic retail street to reinvent itself in a sustainable, forward-thinking and adaptable way.
Yet of course we are not blind to policies that are holding our businesses back. More must be done to give retailers a chance to recover, starting with the long overdue reform of business rates.
The freeze to business rates that was introduced last year was universally welcomed, but the government must ensure it doesn’t simply prolong the inevitable financial suffering that this tax causes in its current form.
If business rates are rapidly thawed in light of the vaccine rollout and easing of restrictions, they will strangle numerous viable businesses that could otherwise have been major contributors to the economy and Britain’s appeal on the global stage.
“Now is not the time to abandon a district that has such an influence over the prosperity of our economy and communities across the country”
The West End’s struggles over the last 12 months – while in no way unique compared to city centres across the globe – have led to some scepticism regarding its future.
But now is not the time to abandon a district that has such an influence over the prosperity of our economy and communities across the country.
We need to stop the narrative that we are witnessing the death of the high street, but rather that we are witnessing its reinvention, its revival and its resilience, seeing this challenge as a crossroads in the evolution of the district – an opportunity to improve the West End and cement its place as the greatest global high street.
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