London closes Oxford Street to cars, prioritizing pedestrians over vehicles

Retail rents on Oxford Street stabilize as foot traffic and dwell time increase, benefiting anchor tenants and lifting London commercial property valuations.

Traffic displacement to surrounding streets creates congestion externalities that offset pedestrian gains, leaving retail performance and property values flat as shoppers migrate to out-of-town centers.

Delivery and logistics costs spike across central London as vehicle access restrictions expand beyond Oxford Street, raising operating expenses for retailers and pressuring margins in the sector.