Traffic-free Oxford Street delivers boost for retailers

Retailers on London’s Oxford Street have seen their sales jump by nearly a fifth since the iconic shopping street was pedestrianised last month.  The number of transactions at 40 Oxford Street stores jumped by 19 per cent in the first week of the scheme, compared both to the prior week and the same time last year, according to payments firm Adyen. London Mayor Sadiq Khan described the street’s pedestrianisation as a “momentous day” for the capital but the initiative has been mocked by some, who said the shopping strip is little changed and is still being overrun by cyclists. But it appears that retailers in Europe’s busiest shopping destination are getting a major boost following the first stage of its pedestrianisation. The 19 per cent uplift in sales on Oxford Street compares to just one per cent growth at neighbouring Regent Street during the same period. The total value of sales on Oxford Street has improved too, growing 28 per cent year-on-year and 12 per cent we