The Christmas lights are on along the nation’s busiest high street, but beneath their festive glow about a quarter of the outlets are either empty, or housing temporary shops.
Alongside the shuttered stores and building sites on London’s Oxford Street are now at least a dozen shops selling confectionery, cheap souvenirs or perfume, giving it the air of a rundown seaside resort rather than a global retail destination.
Big names including Topshop, Debenhams, Gap, French Connection and Carphone Warehouse have disappeared, while others, such as Next and Monsoon have reduced their space. And little wonder: in the second year of the pandemic, sales in the Oxford Street area, including Regent Street and Bond Street, dropped by £8bn to £2bn last year and are expected to reach just £5bn this year, according to trade body the New West End Company (NWEC).
The vast former House of Fraser department store will close next month before it is redeveloped into offices and a rooftop restaurant above a smaller shop and a basement gym with a pool. Both Marks & Spencer and John Lewis are…
