The economic impact of pedestrianising Oxford Street
Oxford Street has been described as the “most famous street and the busiest shopping destination in Europe.”1
In September 2024, the Mayor announced plans to pedestrianise Oxford Street, with it estimated that the initial capital programme for Phase One of the project (from Orchard Street to Great Portland Street) between 2025–26 and 2030–31 will cost £144 million.2
It is expected that the first section of the road will be closed to traffic by the end of this summer. Once implemented, the street – which currently prohibits private vehicles - will be closed to all cars, buses, taxis, private hire vehicles, cycles, scooters and pedicabs, while emergency access will remain available at all times. Servicing for businesses will continue between midnight and 07:00.3
The London Assembly Economy, Culture and Skills Committee will meet tomorrow to begin an investigation into the economy of Oxford Street and surrounding area, with a focus on the impact of the proposed pedestrianisation plans.
The Committee will hold a follow up meeting in March 2027 looking at the impact of the first few months of pedestrianisation.
The guests are:
Panel 1 (10:00am – 11:10am):
- Mark Williams, Heart of London Business Alliance
- Tim Lord, Westminster Amenity Societies Forum
- Marcos Gold, Director of Policy and Place, Fitzrovia Partnership
- Kay Buxton, Chief Executive, Marble Arch Business Improvement District
Panel 2 (11:20am – 1:00pm):
- Allen Simpson, CEO, UKHospitality
- Daniel Reast, Senior Researcher, Centre for London
- Dee Corsi, CEO, New West End Company
- Katie Mulkowsky, PhD student and Director of Research and Urban Health at Future Places Studio
The meeting will take place on Tuesday 2 June from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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Notes to editors
- London Chamber of Commerce and Industry, LCCI supports Mayor's plans to transform Oxford Street, 17 September 2024
- London Assembly Budget and Performance Committee, Transcript of Agenda Item 7 - 2026-27 Budget - Oxford Street Development Corporation, 19 March 2026, p. 1
- Baker Street Quarter Partnership, Oxford Street Pedestrianisation, 16 March 2026
- Read the agenda in full.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
- Bassam Mahfouz AM, Chair the Economy, Culture and Skills Committee, is available for interview.
- Find out more about the work of the Economy, Culture and Skills Committee
For media enquiries, please contact Tony Smyth on 07763 251 727 or at [email protected]. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.