NWEC: Oxford Street brings in highest sales of West End

Amid an ongoing rejuvenation of the famous shopping destination, the landlord of Oxford Street has shared data that shows such investments are beginning to pay off.

New research carried out by New West End Company (NWEC) and property firm Colliers has said that Oxford Street was the “largest single component of the West End, both in terms of scale of offer and share of spend and visits” last year.

According to the figures, Oxford Street captured 3.1 billion pounds in retail sales alone in 2023, contributing to around 35 percent of all West End sales, the highest share of any component in the district, including Bond Street and Regent Street.

The news comes amid the rolling out of a 90 million pound investment into the location, which NWEC said was to have a “very tangible impact on the street’s contribution to the district”.

Upon the completion of the programme, sales from the street are now forecasted to see an uplift of 376 million pounds in the first year, and a cumulative uplift of up to 2.8 billion pounds between 2027 and 2033.

Speaking on the report, NWEC CEO, Dee Corsi, said: “As our report underlines, there is a clear consensus amongst those in the know: Oxford Street is truly redefining what it means to be a thriving flagship retail and leisure destination, and creating a new blueprint for success along the way.

“By further prioritising the creation of welcoming and inclusive public spaces through the Oxford Street Programme, and continuing to welcome global investment into the street, Oxford Street is becoming more than just a retail destination; it is a vibrant, cultural and recreational hub whose success is integral to the future of London.”