What the heck is going on with Oxford Street?

I miss HMV and the big Topshop. What’s with all of Oxford Street’s boarded-up shops?

Online shopping. Fewer commuters. Recession. ‘Covid and lockdowns reduced international tourists, who used to be big spenders,’ says Nicholas Bailey, emeritus professor of urban regeneration at the University of Westminster. ‘Now, more people are shopping in their local town centre or Westfield.’

What about all those souvenir and candy stores?

‘We understand these are far from legitimate businesses,’ Westminster City Council told Time Out. The council believes these stores may be avoiding rate bills. It gets juicier. Thirty shops  on Oxford Street are currently under investigation for business-rates evasion totalling around £5m.

So, what can be done to restore Oxford Street to its former glory?

‘I’d like to see the street used for more cultural activities and housing,’ says Bailey. ‘Traffic is being constrained, so it could be an attractive place to live.’ But the reality? A lot of spaces are applying for permission to convert to offices.

Does that mean no more shopping?

Nope, just the scuzzier end of it. ‘We have a flurry of new brands coming into the district,’ says Luciana Magliocco, associate director of marketing at the New West End Company. ‘From the Arcade Food Hall, Outernet and The Twist Museum opening this year, to IKEA in 2023, Oxford Street is becoming more than just a fashion mecca.’ No need to worry, London: get ready for Oxford Street 2.0. 

Revealed: The shocking secrets of Oxford Street’s sweet shops and souvenir stores.

IKEA is officially moving into Oxford Circus’ massive Topshop.