Oxford Street, in the heart of London, is one of the UK’s most famous high streets and has been a centre of commerce in particular for London, but also across the country, for many years. It is a road that has been lined with retail units since the 18th Century, but really established itself as a retail area at the beginning of the 20th Century, when the department stores arrived – Selfridges opened in 1909, for example.
With the changes that we have seen in the high street over the last 125 years, economic ups and downs, changes in shopping habits, and lifestyle changes, for example, footfall has also gone up and down. Oxford Street, however, being a focal point of retail in London, especially, has found itself affected less than other high streets. In recent years, however, even the UK’s arguably most well-known shopping street has not been doing as well as it could be.
Here at Boxpod, we often consider the changes that are needed for businesses that are renting a retail unit on a high street to become more successful – improving the shopping experience, incorporating technology in the process, etc. However, there are also factors relating to the high street itself that can contribute to a thriving high street, and Oxford Street is a good example of this.
This information can be useful for businesses looking to rent a retail unit on a high street and ensure that they are in the best place to make a success of their retail efforts.
Transport
One of the most important factors in attracting customers to the high street is transport. Although parking is notoriously difficult in central London, there are excellent public transport links to the area.
With four Underground stations located on the main street between Tottenham Court Road and Marble Arch, as well as the recent opening of a new line, as well as a plethora of buses that stop on the main road, or in the roads around the area, Oxford Street is very easy to get to – and away from, for both Londoners and people from outside London.
In other towns and cities, transport networks are not so well invested in, but even just ensuring that local people can get to the area easily, through a mixture of public transport and cheap or free parking, can make a massive difference.
Concentration of Shops
Another important factor in the success of certain high streets, such as Oxford Street, is the concentration of retail units in a certain area. Shoppers know, for example, that wherever they turn up on Oxford Street, there will be shops, and if there is a particular shop that they want to visit, they are also able to get to it pretty quickly by public transport.
In a similar way to out-of-town shopping centres, having a concentration of shops in one area also means that there is less walking between shops, as well as it being easier to peruse the shop windows.
Some shopping areas of a high street might be stretched out or even dotted around a city centre. This can make the shopping experience less enjoyable and reduce the chance of shoppers stumbling across your shop.
Presence
Oxford Street has famously been the home of many of Britain’s (and the world’s) iconic retailers. Over the years, we have seen retailers such as Selfridges, John Lewis, and Marks and Spencer, to HMV, Primark, and, very recently, Ikea. These massive retailers themselves attract a high amount of footfall, which can then be taken advantage of by smaller businesses in retail units in the same area.
For towns and other cities, having a major retailer on the high street can be a massive attraction to customers and help to bring people to the street.
In addition to this, places for eating, drinking, and resting can also be effective at helping to keep shoppers in the area. With nowhere to eat, drink, or rest, shoppers are unlikely to spend too much time there before going home or leaving the area.
Oxford Street has everything from fast food restaurants to vegan eateries, to chain and independent cafes, either on the street itself or in the roads around the street. It means that shoppers can take a breather having spent the morning wandering around the shops, then go back for more after a break!
The Future
One thing that we have learnt about high streets in the UK, above all, is that they must always be adapting and looking to the future. As the economy changes, technology changes, commercial necessities change, and customers look for an ever-improving shopping experience, so the high street needs to change. And this is what we have been seeing recently in Oxford Street.
One of the most important factors is, of course, which shops are based there. The ideal is to get retailers that are currently successful on the high street, attracting as many shoppers as possible. We have seen the recently opened Ikea come to Oxford Street, for example.
We have also seen other larger retail companies looking to upgrade their shops – notably, on Oxford Street, Marks and Spencer. This indicates the need for retail units to be modern and accommodate the modern needs of the retailer, but also their acknowledgment of the location being an important factor in the success of their business. The presence of these types of businesses really can make or break a smaller – or larger high street.
Another feature that is currently being considered – and implemented on occasions – is the pedestrianisation of a part of Oxford Street. Pedestrianisation has been carried out in a number of town centres for a number of reasons – ease of connectivity, more space for shoppers (on Oxford Street, for example, there is often inadequate space on the pavement for all pedestrians), as well as more space for street cafes, street entertainers, and places to pause, for example. Another major bonus to the pedestrianisation of Oxford Street, especially, is that it can drastically cut down on pollution for shoppers, making it an overall nicer experience.
Final Thoughts
If you are a business looking to rent a retail unit, it is not only the actual unit that is important. As we have seen, there are a number of other factors that can have a major influence on the success of your business. It is, therefore, essential that you do your research before deciding which unit is best for you at that time.
Oxford Street is a prime example of a high street that is evolving to stay relevant, popular, and see the success of its retailers.
If you are looking to rent a retail unit or another commercial unit, why not take a look at what we have listed here at Boxpod?
Or, if you are a landlord looking for tenants for your commercial unit, you can find out how to list your property here with us.
Get in touch with us today!