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Attracting local residents back into Oxford Street and ensuring they return on a regular basis are the keys to its revitalisation, a study into the strip has found.
And to do this, Oxford Street will need to have more diversity in its shops and services, including businesses that will appeal local residents such as supermarkets, green grocers, fresh produce, butchers, beauticians, health food stores and small electrical retail.
The findings came last week at the City of Sydney’s inaugural Gay, Lesbian, Bisexual and Transgender Community Forum.
“Getting local residents to use the strip is the key to Oxford Street being revitalised,” said Gavin Duane of Map Info Dimasi, a leading research and consultancy firm that specialises in market analysis and strategic solutions.
The study, commissioned by the City of Sydney, was part of the council’s Oxford Street Retail Revitalisation Strategy, which aims to reinvigorate the strip by transforming key council properties on Oxford Street.
Duane said that the success of revitalisation projects of Chapel Street and Ackland Street in Melbourne has been due to its ability to cater to local residents and have them returning to the area. And Oxford Street will need to do the same in order for it to be revived.
“The revitalisation of those strips has been due to catering to local residents. The local residents then created greater numbers and, as a result, created more diversity in the area. So we really think that the key to the success of Oxford Street is to cater to local residents and that primary local sector, and getting them to come to the street on a more regular basis.”
Duane said that close to 900,000 people live with ten kilometres of Oxford Street, or 20,000 people within a 500 metre radius. “It is one of the most densely populated areas in Australia and has been growing.”
The study also found that Oxford Street, which acts as a “gateway” to the Eastern Suburbs, has a changing demographic, with the market becoming a lot more affluent. “And income in this area is rising at a much greater rate than Sydney overall,” Duane said.
In addition to creating a shopping destination for local residents, other council recommendations were the need to improve the shopfronts on Oxford Street, broadening the council’s tenancy, and upgrading the streetscapes.
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