Oxford Street will generate £5bn in sales for the first time this year as footfall increased by 1.4% in the first half of 2013.
Sales on Oxford Street for the first six months of 2013 are up 6.2% year-on-year with the longer term ‘Olympic effect’ being credited with the rise in fashion sales.
Retailers are expecting a £40m boost during the Oxford Street Fashion Showcase from September 1 to 17 as an extra 2.6 million shoppers are expected weekly during the event which celebrates London Fashion Week.
The Oxford Street Fashion Showcase is part of a £25m five year investment plan from the New West End Company to drive development in the area. Over the next five years Oxford Street will be subject to a £1.2bn regeneration programme to ensure the street is ready for the additional 20 million visitors the opening of the Crossrail will bring in 2018.
Richard Dickinson, chief executive of New West End Company, said: “We know anecdotally that the annual turnover on Oxford Street is more than the UKs top three regional cities combined. And with a quarter of our shoppers coming from overseas, with international spend per transaction and visit far exceeding that of the domestic shopper, it is this that has pushed us to the £5bn mark, proof that Oxford Street is a global retail force unrivalled in the UK or any other city in the world.”