In London, Oxford Street will be pedestrianized in a bid to halt its commercial decline

Oxford Street, the famous shopping street in central London, September 17, 2024.

Pedestrians stroll on a stretch of grass lined with giant flower pots between the Omega boutique and the Selfridges department store. This computer-generated image gives an overview of London Mayor Sadiq Khan’s plans to make Oxford Street pedestrianized by 2027. The street, frequented by tourists since the late 19th centurye century, is currently open to black buses and taxis, which are supposed to have left the premises in three years.

“Oxford Street was once the crown jewel of UK retail, but it has suffered badly over the past decadedeclared the mayor, announcing his project. We must act urgently to bring the nation’s most famous street back to life. »

Already affected by online commerce and the opening of the two Westfield mega-malls, at the west and east ends of the city, the famous thoroughfare has seen visitor numbers plunge during the Covid-19 pandemic. The cost of living crisis which hit the United Kingdom at the end of this health episode dealt it a serious blow.

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Several leading brands, some of which have been present for more than a century, have had to close their doors, such as Debenhams, House of Fraser and Topshop. During 2023, the vacancy rate stood at 15.6%. However, the storefronts did not remain empty for long. The street filled with shops selling cheap souvenirs, American sweets and vapes. Adorned with flashing lights and blasting music at full volume, these signs completely changed the ambiance of the place.

Investigation of twenty-six stores

Petty crime (theft, incivility) has more than doubled since the start of 2022, according to police figures. During the summer of 2023, the police engaged in a pitched battle with a gang of teenagers who came to rob sports brands, following the broadcast of an appeal on social networks.

Shortly before, the Westminster City Council – the local authorities of the Westminster district – had opened an investigation into twenty-six American candy stores, all located on Oxford Street, accusing them of having escaped 9.2 million pounds (11 million euros) in taxes. Most belonged to shell companies domiciled in offshore centers, making the identification of their real beneficiaries difficult.

More than £1 million of counterfeit goods – including Rolex watches and Apple products – as well as e-cigarettes containing nicotine levels above legal standards were also seized on the thoroughfare. Not attracting enough customers to be viable, these brands undoubtedly serve as a facade “to commit other crimes”estimated the local authorities, leaving a suspicion of money laundering.

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