New West End Company has unveiled its recommendations for developing the Oxford Street district, which it says would create 27,000 new jobs.
The plans include improved air quality, traffic-free zones, making the most of the evening economy, increasing the number of shoppers and visitors, and meeting the demand for commercial space.
The property body said implementing the recommendations would create 1,600-2,000 new jobs per year, amounting to between 27,000 and 30,000 new jobs in the next 15 years.
The plans would also generate up to £206m in planning contributions for Westminster City Council and the Mayor of London and up to £160m additional annual revenue in business rates through the creation of new office, retail and leisure space.
The study will form the basis of New West End Company’s (NWEC) formal response to the consultation launched in April by Westminster City Council and Transport for London on the transformation of Oxford Street.
NWEC CEO Jace Tyrrell said: “The West End’s businesses have an aspiration for the Oxford Street district to be transformed from a single shopping street into a varied, entertaining and well connected district. Our study brings this to life and makes implementable recommendations for its realisation to ensure that the West End can compete with fierce international competition and leads the way as a global retail and leisure destination.”
Sue West, director of operations at Selfridges and NWEC board member, added: “We have the opportunity enhance Oxford Street’s standing as an integral part of a global shopping, cultural and commercial centre, and restore its position as a focus for experimental design, culture, spectacle and entertainment, while at the same time maintaining its historic character, not least it links to its established residential neighbourhoods.”
The Oxford Street consultation end on 18 June.