A radical change in the British retail environment requires a radical response - and that is what we can see on Oxford Street today, according to the New West End Company’s Chief Executive, Dee Corsi, writing in City AM.
Oxford Street on the cusp of a new dawn – City AM
“The scale of the challenge at hand is the likes of which we have not seen in decades. Long-term changes to the retail industry, including a seismic shift in consumer expectations, have been accelerated by the pandemic.”
As a result, the “Oxford Street of tomorrow is being created by businesses, property owners and investors that recognise the opportunities the nation’s high street can unlock. Vacant units and hoardings are not a sign of a street in demise, but one that is getting ahead of the problem faced by so many high streets: a shift from transactional retail to immersive experiences which cannot be replicated online.”
Corsi added “This trend towards more immersive retail and leisure experiences will continue, with Oxford Street convening the very best that global brands have to offer for audiences that are spending longer than ever (over two hours) on the street. Flannels X offers a “cultural playground” hosting a series of pop-ups, gigs and fashion industry events, whilst the Outernet – one of the top five attractions in the U.K. – and The Twist Museum offer something different for families enjoying a day out."
"Of course, long-term, fundamental change takes time, but a new dawn for Oxford Street is most definitely on the horizon.”
Read the full article here.