Oxford Street suffers killer blow after multiple retailers announce they’re leaving

Major brands are planning to flee Oxford Street because they are not attracting enough shoppers.

Park House, which is home to Pandora, Swarovski, Urban Outfitters, Bershka and the flagship River Island store, said the retailers are trying to cancel their lease.

Microsoft has also announced they will be closing down their Oxford Street store to focus on ‘digital growth’ after opening the 21,000 sq ft shop six years ago.

Jonathan Strong, speaking on behalf of Park House, said: ‘Park House occupies an entire urban block and includes [92,000 sq ft] of retail over basement, ground and first floors.

‘It is situated opposite Marks and Spencer and diagonally across from Selfridges, yet has not been performing well in terms of attracting footfall or retail expenditure.

‘In fact, most of the retail tenants of Park House are seeking to exit the building at the earliest opportunity.’

Park House said they are now planning on changing the building to include more ‘leisure, medical, restaurant and competitive socialising’.

They said: ‘Going forward, we therefore need to reconfigure the retail element of Park House to fit with current and future occupier requirements and to ensure that the building continues to play its part in maintaining the interest and appeal of Oxford Street as an international shopping destination.

‘To do this, we believe we need to introduce more diversity of use beyond traditional retail, such as restaurant and competitive socialising.’

It comes as Londoners complain the famous street has become riddled with American Candy Stores and derelict buildings.

Westminster Council has launched a £1 billion transformation, with the ex- House of Fraser flagship store being transformed into an office and gym complex.

A 30,000 sq ft miniature village is also set to open in the former New Look.

In June 2022, there were a series of raids by Westminster Council relating to a tax scam investigation.

More than 30 shops across the West End were subsequently accused of avoiding £5.4 million in business rates.

Many towns and cities have been hostile to candy shops, with Oxford Street being a particular focus because of the sheer number of them.

For a long time, Londoners have tried to bring life back into the famous shopping street, including plans for traffic to be banned.

Some of the initiatives have seen success, including HMV reopening its flagship store after it was taken over by a sweet shop.

Last year small businesses were offered rent-free spaces to prevent more American candy shops from opening, with ‘innovative and cutting-edge’ shops encouraged to apply.

Got a story? Get in touch with our news team by emailing us at webnews@metro.co.uk. Or you can submit your videos and pictures here.

For more stories like this, check our news page.

Follow Metro.co.uk on Twitter and Facebook for the latest news updates. You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.