The American candy stores that have blighted Britain’s most famous shopping district will soon be a thing of the past, Sir Sadiq Khan has said as Pinterest became the latest business to open an office in Oxford Street.
The Mayor of London described the tacky shops were the “bane of my life” and said the regeneration of the area will help strip them from the road.
Proposals to make the busy London thoroughfare completely vehicle-free from Orchard Street to Great Portland Street are expected to complete by the end of this summer as part of a project costing a hefty £144 million.
Despite facing opposition from Westminster Council, when it was under both Labour and now 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 that the scheme could generate tens-of-millions-of-pounds for the local economy, as well supporting over 700 more jobs.
Online visual search and discovery platform Pinterest launched its new UK office in Oxford Street on Tuesday, where about 100 staff members will work.
It is the latest sign of investment, which City Hall hopes will encourage higher-quality retailers and businesses while reducing the number of controversial candy and souvenir shops.
It comes after Marks and Spencer completed a massive 100,000 sq ft overhaul of its flagship shop and Liverpool FC opened 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, from Oxford Street is one of City Hall and Westminster Council’s priorities as attempts continue to restore the fortunes of the UK’s most famous high street.
But Oxford Street has faced increased competition from larger retail malls, such as Westfield and attracting a more diverse range of businesses to area, 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.”
