Professor Nick Bailey, Emeritus Professor of Urban Regeneration, has written an article for OnLondon about the uncertain future of Oxford Street as London’s premier retailing location.
The article looks at how the Covid-19 pandemic and the rise of online shopping has led to a complete restructuring of Oxford Street’s department stores.
Professor Bailey notes that factors such as a rapid decline in foreign visitors to the UK, working from home, and an aversion to using public transport has led to at least five major stores to downsize or seek alternative uses.
Explaining how department stores have been downsizing as a result of the pandemic, Professor Bailey wrote: “The first shock came when it was announced in July 2020 that the Weston family was putting Selfridges up for auction at a cool £4 billion. It is not yet known whether any sale has been agreed or what alternative uses for the building are being considered.”
He continued: “But following this, other famous stores advanced proposals for downgrade their retailing content and converting upper floors for other uses, such as offices. John Lewis was one of the first to say it would be retaining only four floors for retail use and letting the upper three for office use. The John Lewis Partnership has already closed at least 16 outlets across the UK in the past two years.”
Noting the opportunities for reinvigoration in the future, he wrote: “Crossrail, when finally opened next year, will greatly increase the accessibility of the street to Heathrow and the City. Had it opened late in 2018, as originally planned, it might have moderated the rapid retail decline. One positive development going completely against the trend is that IKEA is moving into Topshop’s flagship store at Oxford Circus in autumn 2023.”
Read the full article on OnLondon’s website.
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