Westminster City Council’s cabinet has approved plans on the new strategy for London’s Oxford Street and the West End.
The strategy covers major improvements to Oxford Circus, Marble Arch and Cavendish Square and includes 96 projects across a total of 87 streets in the borough.
The council has set aside £150m over three years to provide initial funds for the project if a public consultation is successful.
The aim of the strategy is to revitalise Westminster, enhancing the heritage and character of the area.
Up to 50 stakeholder groups, including residents, businesses and workers in the district have been consulted as part of the plans.
According to the council 600,000 people visit Oxford St every day, with 30% of those from overseas. The district employs 155,000 people, with 49% in professional services. Annual retail sales for Oxford St, Regent Street and Bond Street top £9bn.
The plans include prioritising pedestrians by increasing walking space throughout the district, developing a new public piazza space at Oxford Circus and introducing a 20mph limit on vehicles.
The council also plans to refresh its planning policy for Oxford Street to encourage different uses such as leisure, offices, hotels and restaurants.
Councillor Richard Beddoe, cabinet member for place shaping and planning, said: “As proud custodians of the Oxford Street district, Westminster City Council is determined to make sure it retains the crown as the nation’s high street in the face of huge challenges and online competition.
“Everyone recognises that a major overhaul is urgently required. The area’s ongoing success is key to generating prosperity, employment opportunities and wealth for the capital, as well as the country. Everyone with an interest in securing Oxford Street’s success should share their view when the consultation opens as that way, together, we can secure an amazing future for the nation’s high street.”
The public consultation opens on 6 November and closes on 16 December.