Sir Sadiq Khan has said the American candy stores that have blighted Oxford Street will soon be a thing of the past, as Pinterest became the latest business to open an office on the famous shopping thoroughfare. The Mayor of London described the tacky shops as the "bane of his life" and said the regeneration of the area would help strip them from the street.
Pedestrianisation plans
Proposals to make Oxford Street completely vehicle-free from Orchard Street to Great Portland Street are expected to be completed by the end of this summer. The project, costing £144 million, has faced opposition from Westminster Council under both Labour and Tory control. The Mayor maintains that pedestrianisation will transform the road back into a world-class retail and leisure destination. The Greater London Authority estimates the scheme could generate tens of millions of pounds for the local economy and support over 700 more jobs.
Pinterest opens new office
Social media platform Pinterest launched its new UK office on Oxford Street on Tuesday, where about 100 staff members will work. The opening follows Marks and Spencer's completion of a 100,000 sq ft overhaul of its flagship shop and Liverpool FC opening a store on the road. Later this year, Britain's second official Harry Potter boutique is set to open in the area.
Sir Sadiq told the Standard: "The American candy story, tacky souvenir shops, they're the bane of my life. There's a separate conversation about legality and otherwise...but I'm not being a snob or elitist. We want high quality retail in Oxford Street. There's a time and a place for other sort of stuff, but you know this is our premier high street. There's a reason why Pinterest have moved here. They could have chosen anywhere. Real estate isn't cheap here. They've chosen to move here. That is a sign of confidence in London, but also this is a big tech company that could go anywhere in the country, and they've chosen London and the centre of London."
Removing the US-style candy stores, many of which also sell poor-quality souvenirs, is a priority for City Hall and Westminster Council as they attempt to restore the fortunes of the UK's most famous high street. Oxford Street has faced increased competition from larger retail malls such as Westfield, and attracting a more diverse range of businesses including offices, museums, restaurants and bars is seen as key to the plan.
Pinterest’s Vice President of International Greg Owens said he was "excited to open our new London home on Oxford Circus, one of the world’s most iconic shopping destinations". He told the Standard: "What we really care about is helping retailers and growing their businesses. And if they do really well, we're doing really well as a platform. And we very much see ourselves as shopping platform in both absolutely digital, but also in driving real-world footfall as well, and we've done that several times over with Primark, with Samsung, with John Lewis. We've done specific activations that have driven consumers to go and actually make purchase on a platform for click and collect and drive footfall into actual physical stores."
