London’s famous Oxford Street is being gutted as the vacancy rate rises above the national high-street average.
Out of a total of 269 units, 42 were vacant in February making for an unoccupied rate of 16% compared to 14% 12 months ago, according to data compiled for the website Retail Week by Local Data Company.
In comparison, the national average vacancy rate for high streets across Britain was 14%, while it was 13% in Central London including Oxford Street’s neighbour, Crown Estate-owned Regent Street.
Many of Oxford Street’s long-standing stores disappeared after failing during the pandemic.
The likes of Debenhams, House of Fraser and Topshop all left London’s shopping street hub, with some replaced by American candy stores.
The New West End Company, a partnership that represents retail and property owners on Oxford Street, Bond Street and Regent Street, said that despite the disappearance of stores, the West End remains on track to turnover £10bn annually by 2025.
“While the next two years will be more challenging than previously forecast in the face of rising costs across the board, the West End has continued to prove its resilience in 2022 and we are still on track to hit £10bn turnover in two years,” said Dee Corsi, chief executive of New West End Company.
However, concerns linger about the lack of foreign visitors, mainly from Paris and Milan, into the capital due to a tax-free shopping offer on the continent.
New West End Company believes welcoming back tax-free shopping and relaxing Sunday trading hours in the district would increase the value of the West End and bring widespread benefits to the country.