Spending in London's West End rose 13% in the first six days after Oxford Street became pedestrianised, according to Barclays data. Transactions on Barclays cards in the broader West End increased 13% between October 26-31, 2026, compared to the same period last year. The early boost benefits retailers ahead of Christmas amid fragile consumer confidence.
Adyen reported a 19% increase in in-store transactions across 40 Oxford Street businesses versus the prior week and year. Regent Street nearby saw minimal growth at 1%. The pedestrian zone, stretching from Selfridges to Ikea, is part of a £150mn regeneration plan by Mayor Sadiq Khan. While aimed at competing with Fifth Avenue and Champs-Élysées, the scheme faces opposition from Westminster council and transport groups over congestion and accessibility concerns for elderly and disabled visitors.
Oxford Street has struggled for a decade with store closures like Debenhams and House of Fraser, pandemic disruptions, and rising vacancies reaching 13.7% in 2022. Rents fell from £1,100 to £600 per sq ft since 2016. The mayor's office called the transformation "exciting" for economic growth.
Source: Financial Times Companies · Summarized by HeadlinesBriefing