Oxford St facing ruin: Expensive rents and high rates have turned the former shopping hot spot into a ‘national embarrassment’

Rents must be cut and investment ploughed into Oxford Street to save it from the scourge of tacky sweet shops, the boss of House of Fraser and Sports Direct has warned.

Michael Murray, chief executive of the Sports Direct and Flannels owner, said many retailers were shunning the West End due to expensive rents and business rates.

His comments come after tacky American sweet shops have replaced household names like Topshop and House of Fraser on the world-renowned street.

There have also been calls for more to be done to stop the growing number of rough sleepers on the street, as London is engulfed in an increasingly alarming homelessness crisis.

Oxford Street was left reeling when Marks & Spencer said last month it may abandon its Marble Arch location amid a planning row.

Sorry sight: Visitors walk past a line of rough sleepers on London’s Oxford Street where tacky American candy shops have replaced household names

Murray told The Mail: ‘I can understand why retailers aren’t investing there, it’s not the most profitable location. 

Oxford Street really needs investment and rents to come down to stimulate brands to increase their presence.’

Concerns have been raised about the proliferation of garish sweet shops on Oxford Street and trading standards officers have seized more than £1million worth of fake goods, including counterfeit Rolex watches.

Murray added: ‘Oxford Street should really be a showcase of the best retail the UK has to offer.’ 

Frasers closed its flagship House of Frasers store on Oxford Street in January 2022 after the landlord agreed a deal for an office development. 

The building had been opened in 1937 by the defunct department chain DH Evans. But Frasers still trades from stores for its Flannels and Sports Direct brands on the road.

Murray’s words echo those of other prominent retail chiefs, who have lamented the sorry state of Oxford Street.

Brian Duffy, chief executive of Watches of Switzerland, told The Mail there was ‘no question that more needs to be done’ to revive the West End shopping destination. He said: ‘Oxford Street is a problem. 

‘I would almost describe it as a bit of a national embarrassment.’

Tacky: An American sweet shop in the former flagship HMV store. Street and trading standards officers have seized more than £1m worth of fake goods including counterfeit Rolex watches

M&S boss Stuart Machin said Oxford Street was facing ruin due to high vacancy rates and a ‘growing proliferation of sweet shop racketeers’.

Machin has threatened to leave the area after his retailer’s hopes to raze and rebuild its Marble Arch store were shot down by the Government.

He added: ‘The High Street, which is meant to be the jewel in London’s crown, today is a national embarrassment, with a proliferation of tacky candy stores, anti-social behaviour and footfall remaining in the doldrums. 

Concerns: Fraser Group boss Michael Murray

It pains me to see our great city like this. For too long now it has been on life support.’

Rough sleepers are also a major issue.

Recent images show many lying in shop doorways on Oxford Street as the number of those sleeping rough in London increased 9 per cent from April to June 2023 compared with 2022. 

Retail bosses’ worries also come as they have been calling on the Chancellor Jeremy Hunt to re-introduce a VAT-free shopping scheme for tourists, without which the UK is losing out on shoppers to retail destinations in Paris and Milan.

But some big names are set to move into the West End soon.

Ikea will open up at the former Topshop site and HMV will reopen its old flagship store on Oxford Street later this year after a four-year absence.

This post first appeared on Dailymail.co.uk