Oxford Street currently contributes £25 billion annually to London’s economy – around 1% of the UK’s GDP – and attracts 120 million visitors a year. Despite this, the area has suffered in recent years due to a combination of the pandemic, the growth of online shopping and other factors. There is an urgent need to transform Oxford Street into an exciting, thriving destination for Londoners and tourists alike – giving the nation’s high street a new lease of life. This is not a ‘typical’ public sector project, and delivery at speed is essential.
To realise this vision, the Mayor of London has decided to establish the Oxford Street Development Corporation (OSDC). OSDC will operate as a Mayoral Development Corporation with full planning authority powers for Oxford Street and its immediate surroundings. A phased pedestrianised approach is proposed that would remove traffic from most of Oxford Street, improving visitor experience and support economic growth. Subject to consultation, the first £150m phase of the project would begin site in Summer 2026. There will be a focus on regeneration across the whole of Oxford Street, as well. OSDC will self-generate its income via a variety of sources including commercial activities and philanthropy, prudently borrowing where necessary to invest and create future income streams.
The emerging plans include new public spaces, curated retail and leisure offerings, and a calendar of events to activate the street year-round. The ambition is to rival iconic destinations like Fifth Avenue (New York), Champs-Élysées (Paris), and Ginza (Tokyo), while maintaining Oxford Street’s unique character. Stakeholder collaboration will be critical, and success will depend on developing and maintaining strong relationships with landowners, retail, hospitality and leisure businesses, local authorities (Westminster and Camden), and the wider business community.
To enable these ambitious plans, the Greater London Authority (GLA) is in the process of appointing a Chair and Chief Executive to build the organisation and lead delivery, with the organisation established and operational by 1 January 2026.