Store transactions on London’s Oxford Street jumped 19% in the seven days starting Oct. 26 compared with both the prior week and a year earlier, according to data from technology company Adyen.
Almost a kilometer of the street closed to cars, buses, taxis and bicycles on Oct. 26, the culmination of a more-than-two-decade effort to revive an area that has struggled to regain its pre-pandemic pulling power.
Spending Surges Across 40 Stores
Overall spending value also climbed, rising 28% from a year earlier and 12% from the previous week, according to Adyen’s figures covering 40 stores on the street.
The street, home to John Lewis, Marks & Spencer and Tiffany & Co., has faced headwinds since the Covid pandemic, with the arrival of U.S. candy stores putting off many shoppers.
Cyclists Challenge New Road Restrictions
The switch has encountered teething problems. Some cyclists and e-bike riders continued to use the pedestrianized stretch despite the ban, forcing police to tell riders to dismount, and hundreds of cyclists took to the street on a Friday evening to protest the restriction.
Trees, Squares and a £150 Million Price Tag
More changes are planned: extra trees and two public squares are due to be installed by spring, with more extensive improvements to follow. The completed transformation is expected to cost about £150 million.
Measuring Oxford Street’s Traffic Ban Effects
How much of Oxford Street is now closed to vehicles? An almost kilometer-long, nearly mile-long section is permanently closed to buses, cars, taxis, cycles, scooters and pedicabs, according to the office of the London mayor.
What has the ban meant for sales so far? Transactions across 40 stores rose 19% in the first seven days, while overall spending value increased 28% year-on-year, Adyen data showed.
What will the full transformation cost and when will it finish? The completed project is expected to cost about £150 million, with trees and two public squares due by spring and further improvements planned afterward.
“I want to see it when it’s actually done though, because right now you can you tell it’s still in progress,” said student Annie Clark, referring to the temporary barriers still in place.
Worth a look