East Oxford Street prepares for major high street regeneration

Kasmira Jefford
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THE ARRIVAL of Crossrail and the regeneration of Tottenham Court Road is set to double spending growth in the area by £448m over the next 12 years, according to a report commissioned by the New West End Company.

The east end of Oxford Street has struggled over the years to shake off its image as the poorer relation to the more fashionable West End but has fought to lure high profile retailers to set up shop.

The report, conducted by property advisory firm GVA and presented to property executives yesterday, estimates that the launch of Crossrail in 2018 will boost the number of visitors to the area by 36 per cent, with Tottenham Court Road set to overtake Oxford Street as the West End’s highest footfall tube station.

Chris Goddard, senior director at GVA, told City A.M the launch of a giant 82,400 square foot Primark store last month marked the beginning of a “retail renaissance” in the area and sets in motion a series of developments that will see the area rival the west end of Oxford Street.