Khan's Oxford Street Pedestrianization: A Band-Aid for Deeper Wounds?

London Mayor Sadiq Khan has announced plans to pedestrianize Oxford Street, a move aimed at breathing new life into the UK's premier shopping district. This initiative comes as the once-prestigious retail hub faces significant challenges, with numerous closed shops and a decline in its former glory.

Oxford Street, stretching 1.2 miles (1.9 km) through central London, has a rich history dating back to Roman times. Once known for its high-end furniture and cabinet-makers, it evolved into Europe's busiest shopping street, attracting around 500,000 daily visitors at its peak. However, recent years have seen a marked decline in its fortunes.

As of 2022, 14% of Oxford Street's retail space stood empty, a stark contrast to its heyday when it boasted over 300 shops. The street's transformation from a glittering array of swanky department stores and high-end fashion outlets to a landscape dotted with downmarket candy stores and tacky gift shops has been a cause for concern.

While pedestrianization may enhance the street's ambiance, critics argue that it fails to address the root causes of Oxford Street's decline. The area faces several significant challenges:

• Punishing business rates: In 2022, £151 million was charged in business rates on Oxford Street alone, making it difficult for legitimate businesses to survive.
• Blocked redevelopment plans: Efforts to modernize and diversify the street's offerings have been hindered, as exemplified by the rejection of M&S's plan to redevelop its store.
• Withdrawal of VAT exemption for tourists: This decision has driven away high-end customers who were once the lifeblood of the street.

To truly revitalize Oxford Street, more comprehensive solutions are needed. These could include:

• Slashing business rates to make smaller, niche shops financially viable
• Relaxing planning rules to allow for a mix of retail, office, and residential spaces
• Reintroducing VAT exemptions for tourists to attract international shoppers

"If the Mayor was serious about reviving Oxford Street he would be working with his Labour colleagues in government to fix all of those problems."

While pedestrianization may improve the street's aesthetics and safety, it's essential to recognize that Oxford Street's challenges run deeper than traffic concerns. The street has weathered significant changes throughout its history, from being the first shopping street with electric lighting in 1890 to surviving IRA attacks in the 1970s and 1980s. However, the current decline, exacerbated by a 58% drop in footfall during the 2020 pandemic, requires a multifaceted approach to restore its former prestige.

As Oxford Street faces this critical juncture, the question remains whether Sadiq Khan's pedestrianization plan will be a stepping stone towards comprehensive revival or merely a cosmetic fix for a street in need of far-reaching reforms.