London’s Oxford Street to get a facelift; plans to make it car-free zone in action – CNBC TV18

Oxford Street, London’s number one shopping destination and a paradise for shopaholics has for a long time, there were talks to make Oxford Street a car-free zone and finally things are falling into place. Recently, London Mayor Sadiq Khan announced that the government has plans to make it a pedestrian road.

“I want it to become the world’s leading shopping destination once again. Working with the government, our plans to transform Oxford Street will help create new jobs and prosperity for the capital and the country”, Khan wrote on his social media account.

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Oxford Street has been a beloved retail destination for Londoners & tourists for generations. But it’s suffered hugely in recent years & needs a new lease of life. “With the govt’s support, our plans to pedestrianise and revitalise Oxford Street will return it to its former glory”, he added.

According to the Mayor’s Office, Oxford Street attracts more than 500,000 visitors daily and generates approximately five percent of the capital’s economic output – the equivalent of GBP 22.75 billion in 2019. It is home to numerous flagship stores, including Selfridges and John Lewis, as well as being a key commercial center.

“Although Oxford Street remains a vital part of the UK’s tourism, leisure and retail offer, generating revenue for the exchequer that is reinvested across the country, it requires major regeneration. Competition from online retailers and out-of-town shopping centers, the closure of flagship department stores, and the prevalence of ‘candy stores’ have put significant strain on Oxford Street’s attractiveness, while tourism numbers have not fully recovered since the pandemic,” notes an official statement from the Mayor’s Office.

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“The Mayor is determined to re-invent and transform Oxford Street, working with businesses and Westminster City Council to create one of the finest public spaces in the world and making the area substantially greener, cleaner and safer for everyone,” it adds.

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