Oxford Street decline blamed on rents, rates, and bus cuts

Oxford Street's weakening viability is primarily attributed to escalating rents, a problematic business rates system, and the replacement of smaller retail spaces with larger ones. These factors are considered the principal reasons for the street's diminished appeal to shoppers and businesses alike. The analysis suggests that large flagship stores require a supportive ecosystem of smaller, quality businesses to attract and retain customers, an element that has been eroded.

Concerns over Public Highway Privatisation

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Oxford Street section pedestrianised from Monday

A nearly kilometre-long stretch of the busy shopping street is now closed to most vehicles.

Measures implemented by the mayor of London, including pedestrianisation, are viewed by some as a de facto privatisation of a key public thoroughfare. Critics argue that closing the street to certain transport modes, particularly buses, benefits private landowners at the expense of a significant portion of the public. This approach is seen as restricting access for those who do not use the underground railway.

Impact of Bus Service Changes and Crossrail

Contrary to some assertions, the reduction and downgrading of bus services along Oxford Street are identified as significant contributors to its decline. The presence of buses is not seen as the core issue, but rather the diminished capacity and convenience of these services. Furthermore, the routing of Crossrail through Oxford Street, a decision made decades after its original justification for stimulating the West End, has resulted in dangerously high footfall levels. This excessive concentration of people is now cited as a primary motivation for the current pedestrianisation efforts.

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Need for Central Government Intervention

The underlying issues affecting Oxford Street are not unique to the location and extend beyond the powers of the mayor of London to resolve. Experts contend that effective solutions necessitate corrective action from central government. Without broader policy changes addressing rents, business rates, and strategic infrastructure planning, local measures are unlikely to reverse the street's decline. The analysis highlights that there is a natural limit to beneficial footfall in urban centres, and policies that disadvantage certain modes of transport are unlikely to alter this fundamental dynamic.