£2.9bn investment set to ‘transform’ London’s Oxford Street

The New West End Company, the representative of Oxford, Bond and Regent Street businesses, has announced the 1,000 day countdown to when a total of £2.9bn will be invested within a one mile radius of Oxford Street by 2022.

According to the group, this is set to be a “significant and radical” transformation which will “drastically” change the world-famous high street.

The New West End Company said an additional 60 million visits are expected annually and the surge in shoppers is expected to boost spending to £13.2bn across the West End by 2022, a 40% increase in 2019 turnover.

Additionally, London’s West End ‘International Centre’ classification could also see a £260m annual boost in spend.

Jace Tyrrell, chief executive of New West End Company, said: “London’s West End is not beyond the wider malaise of the retail sector. However, the £2.9bn investment from public and private sectors will catalyse the birth of a new West End.

“Additionally, the new deal will see the West End secure ‘International Centre’ status which will lead to a generational shift in how Oxford Street is used.”

He added: “We are truly witnessing a transformative moment for the most renowned shopping destination in the world.”